Is MIRATI THERAPEUTICS INC Ready to Break Out of Its Range?

MIRATI THERAPEUTICS INC (NASDAQ:MRTX) was identified as a Technical Breakout Setup Pattern by our stockscreener. Such a pattern occurs when we see a pause in a strong uptrend: after a strong rise the stock is consolidating a bit and at some point the trend may be continued. Whether this actually happens can not be predicted of course, but it may be a good idea to keep and eye on NASDAQ:MRTX.

Insights from Technical Analysis

Every day ChartMill assigns a Technical Rating to every stock. The score ranges from 0 to 10 and is determined by evaluating multiple technical indicators and properties.

Taking everything into account, MRTX scores 7 out of 10 in our technical rating. This is due to a decent performance in both the short and medium term time frames. Compared to the overall market, MRTX is only an average performer.

• The long and short term trends are both positive. This is looking good!
• MRTX is one of the better performing stocks in the Biotechnology industry, it outperforms 89% of 611 stocks in the same industry.
• Looking at the yearly performance, MRTX did better than 96% of all other stocks. However, this overall good ranking is mostly due to the recent strong move.
• MRTX is currently trading in the middle of its 52 week range. The S&P500 Index however is trading in the upper part of its 52 week range, so MRTX is lagging the market slightly.
• In the last month MRTX has a been trading in a tight range between 55.11 and 57.60.

For an up to date full technical analysis you can check the technical report of MRTX

Looking at the Setup

ChartMill also assign a Setup Rating to every stock. With this score it is determined to what extend the stock has been trading in a range in the recent days and weeks. This score also ranges from 0 to 10 and is updated daily. The setup score evaluates various short term technical indicators. NASDAQ:MRTX scores a 8 out of 10:

MRTX has an excellent technical rating and also presents a decent setup pattern. We see reduced volatility while prices have been consolidating in the most recent period. There is very little resistance above the current price. There is a support zone below the current price at 55.96, a Stop Loss order could be placed below this zone.

How to trade NASDAQ:MRTX?

A breakout opportunity may arise when the stock surpasses the current consolidation zone and reaches new highs. Traders often wait for this breakout before considering buying the stock. To manage risk, a stop loss order could be placed below the consolidation zone to limit potential losses.

This article should in no way be interpreted as trading advice. You should always make your own analysis and trade or not trade based on your own observations and style. The article is based purely on some technical observations.

Our Breakout screener lists more breakout setups and is updated daily.

Disclaimer

Important Note: The content of this article is not intended as trading advice. It is essential to perform your own analysis and exercise caution when making trading decisions. The article presents observations created by automated analysis but does not guarantee any trading or investment outcomes. Always trade responsibly and make independent judgments.