Mirati Therapeutics is a company that develops therapeutic products in the areas of oncology. It develops novel therapeutics that target the genetic and immunological drivers of cancer and help extend the lives of cancer patients. Some of the company’s products have already demonstrated durable response to certain cancers. The demand for precision medicine, that Mirati develops, holds plenty of potential if the clinical trials are successful.
The long-term monthly chart for Mirati shows a strong uptrend which began in the later part of 2017. Prices have risen by about 10X in 3 years. The uptrend was briefly halted in January 2020 when prices fell by almost 50% from a high of $130 to a low of $66. Starting April 2020, the uptrend resumed again and prices are up 75% from their March 2020 lows. There seems to be no visible resistance till $130, which is the target price. Stop loss can be placed below $106, which acted as resistance previously and could now become a support.
Position taken today at $ 114.93 with stop loss 31.5%% below at $78.24. With short term take profit at $140 giving a return of 22%
On the video and images above you will see the reason this stock was selected.
You will see the image is of a monthly chart of the stock showing the long-term upwards trend formed over the years. You will also see the entry point and the where the stop loss is placed. For more information please watch the video given.
Once it is time to move the original stop loss up you will see an additional image.