BRIGHT MINDS BIOSCIENCES INC (DRUG) Stock Technical Analysis
NASDAQ:DRUG • CA10919W4056
We assign a technical rating of 8 out of 10 to DRUG. This is due to a consistent overall performance, although we see some doubts in the very recent evolution. In the medium time frame things are still looking good.
- Considerably lower volume is observed in the last couple of days, which is not what you would like to see during a strong up movement.
- The long term trend is positive and the short term trend is neutral. The long term trend gets the benefit of the doubt for now.
- Looking at the yearly performance, DRUG did better than 96% of all other stocks. We also observe that the gains produced by DRUG over the past year are nicely spread over this period.
- DRUG is one of the better performing stocks in the Biotechnology industry, it outperforms 88% of 521 stocks in the same industry.
- In the last month DRUG has a been trading in the 72.08 - 89.83 range, which is quite wide. It is currently trading near the high of this range.
- 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.
Besides having an excellent technical rating, DRUG also presents a decent setup pattern. Prices have been consolidating lately. There is very little resistance above the current price. There is a support zone below the current price at 76.17, a Stop Loss order could be placed below this zone.
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43.22
4 important support areas can be observed.
- A support zone ranging from 75.97 to 76.17. This zone is formed by a combination of multiple trend lines in multiple time frames.
- Support @73.08 from a horizontal line in the daily time frame.
- Support @71.55 from a trend line in the daily time frame.
- Support @43.66 from a trend line in the weekly time frame.
We found 1 important resistance area.
- Resistance @95.99 from a horizontal line in the daily time frame.
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 | NEUTRAL | NEUTRAL | The short term trend for DRUG is neutral. |
| ChartMill Relative Strength | 96.02 | POSITIVE | DRUG has a high relative strength, it outperformed 96.02% off all stocks on the market. |
| Simple Moving Average/SMA (20) | DOWN | MIXED | The current price of DRUG is above a declining 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) | 55.84 | NEUTRAL | The RSI value for DRUG is a neutral value. |
| Moving Average Convergence Divergence/MACD (12, 26, 9) | 0.93 | POSITIVE | The MACD value suggests DRUG has a positive trend. |
| Stochastics (14,3) | 82.49 | OVERBOUGHT | The high Stochastics value suggests DRUG may be overbought. |
| Average True Range in percent/ATR (20) | 6.37 | HIGH VOLATILITY | The high ATR as a percentage value for DRUG suggests high volalility. |
| Average Directional Index/ADX (14) | 23.05 | NEUTRAL | The ADX value for DRUG suggests a possible start of a new trend. |
Important!: this is just an example which is fully automatically generated based on the analysis above and should in no way be interpreted as a suggestion. Always make your own analysis and determine your own entry and exit points.
| ENTRY | EXIT | DISTANCE | CAPITAL |
|---|---|---|---|
| 96.00 | 75.96 | 20.04 (20.88%) | 4.79% |
| An entry @96.00. This is a Buy Stop order right above the resistance zone. | An exit @75.96. This is a Stop Loss order right below the support zone. | The trade has a worst case loss of 20.04 points, which is 20.88%. | When investing 4.79% of your capital in this trade, your total portfolio risk will be 1.00%. |
- The generated setup is based on the nearest support and resistance areas. If you are looking for a more long term trade, probably a wider stop is advisable.
- This trade setup was generated fully automatically and should not be interpreted as trading advice. Always check the related news for upcoming earnings or other events. Make your own analysis and trade at your own responsibility.
85.48
-0.6 (-0.7%)
BRIGHT MINDS BIOSCIENCES INC / DRUG FAQ
What is the ChartMill technical rating of BRIGHT MINDS BIOSCIENCES INC (DRUG) stock?
ChartMill assigns a technical rating of 8 / 10 to DRUG.
What is the current trend direction of BRIGHT MINDS BIOSCIENCES INC (DRUG) stock?
The current trend direction for BRIGHT MINDS BIOSCIENCES INC (DRUG) is Bullish.
What is the RSI signal for BRIGHT MINDS BIOSCIENCES INC (DRUG) stock?
BRIGHT MINDS BIOSCIENCES INC (DRUG) has an RSI value of 55.841. This indicates that the stock is currently neutral.
Can you provide the short term momentum for BRIGHT MINDS BIOSCIENCES INC?
The short term momentum for BRIGHT MINDS BIOSCIENCES INC (DRUG) is neutral.
What are the support and resistance levels for BRIGHT MINDS BIOSCIENCES INC (DRUG) stock?
BRIGHT MINDS BIOSCIENCES INC (DRUG) has a support level at 76.17 and a resistance level at 95.99. Check the full technical report for our detailed analysis of DRUG support and resistance levels.