DRUG Technical Analysis - BRIGHT MINDS BIOSCIENCES INC

Technical Rating and Analysis

We assign a technical rating of 9 out of 10 to DRUG. Both in the recent history as in the last year, DRUG has proven to be a steady performer, scoring decent points in every aspect analyzed.

The long and short term trends are both positive. This is looking good!

DRUG is part of the Biotechnology industry. There are 541 other stocks in this industry. DRUG outperforms 99% of them.

In the last month DRUG has a been trading in the 38.00 - 49.49 range, which is quite wide. It is currently trading near the high of this range.

Volume is considerably higher in the last couple of days, which is what you like to see during a strong movement up.

When comparing the yearly performance of all stocks, we notice that DRUG is one of the better performing stocks in the market, outperforming 99% of all stocks. However, this overall performance is mostly based on the strong move around 10 months ago.

DRUG is currently trading in the middle of its 52 week range. The S&P500 Index however is currently trading near new highs, so DRUG is lagging the market.

Prices have been rising strongly lately, it may be a good idea to wait for a consolidation or pullback before considering an entry.

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Technical Analysis

Relative Strength

ChartMill Trend Indicator

Simple Moving Average

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Weekly and Daily overview Charts

BRIGHT MINDS BIOSCIENCES INC / DRUG Weekly stock chart

BRIGHT MINDS BIOSCIENCES INC / DRUG Daily stock chart

Setup Rating and Analysis

Although DRUG has an excellent technical rating, it does not present a decent entry opportunity at the moment. Price movement has been a little bit too volatile to find a nice entry and exit point. It is probably a good idea to wait for a consolidation first.

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ChartMill Technical Ratings

Pocket Pivots

Bull Flags

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Support and Resistance Analysis

29.57

49.24

We found 3 important support areas.

A support zone ranging from 41.87 to 42.20. This zone is formed by a combination of multiple trend lines in the daily time frame.
Support @40.77 from a trend line in the daily time frame.
Support @29.87 from a trend line in the weekly time frame.

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Technical Indicator Signal Analysis

The Technical Rating and Setup analysis above combine different indicators and trends in different timeframes. Individual signals from indicators may give more contradictive signals and should always be interpreted in the more global context.

Indicator	Value	Signal	Comment
ChartMill Long Term Trend Indicator	UP	POSITIVE	The long term trend for DRUG is up.
ChartMill Short Term Trend Indicator	UP	POSITIVE	The short term trend for DRUG is up.
ChartMill Relative Strength	99.94	POSITIVE	DRUG has a high relative strength, it outperformed 99.94% off all stocks on the market.
Simple Moving Average/SMA (20)	UP	POSITIVE	The current price of DRUG is above the rising SMA(20).
Simple Moving Average/SMA (50)	UP	POSITIVE	The current price of DRUG is above the rising SMA(50).
Simple Moving Average/SMA (200)	UP	POSITIVE	The current price of DRUG is above the rising SMA(200).
Relative Strength Index/RSI (14)	66.71	NEUTRAL	The RSI value for DRUG is a neutral value.
Moving Average Convergence Divergence/MACD (12, 26, 9)	0.21	POSITIVE	The MACD value suggests DRUG has a positive trend.
Stochastics (14,3)	80.96	OVERBOUGHT	The high Stochastics value suggests DRUG may be overbought.
Average True Range in percent/ATR (20)	6.45	HIGH VOLATILITY	The high ATR as a percentage value for DRUG suggests high volalility.
Average Directional Index/ADX (14)	47.84	POSITIVE	The high ADX value value for DRUG suggests a strong trend.