Leading biotechnology stock, Vertex Pharmaceuticals (VRTX), came under heavy selling pressure last week. The stock fell to a new 52-week low after announcing that it will halt the development of its rare lung cancer drug. Vertex Pharma (VRTX) stock is now trading below its important 200-week moving average. This puts the stock in a weak technical position on the charts and often signals further downside in the shares.
The next major support level for Vertex Pharma stock will be around the $170.00 area. This is a level where the stock broke out of a major sideways base in October 2019. When a stock backtests a former breakout area it will often serve as excellent chart support. This is a spot where I would look to be a buyer of the popular biotech stock.
Get EVERY trade Nick is taking with his members right here…
Get all of Nick’s OPTIONS Swing Trades Here <<>> Get all of Nick’s STOCK Swing Trades Here