Type to search

Todays Big Stock Wealthpop News

1 Biotech Stock Looking To Make A Big Move


MoonLake Immunotherapeutics (MLTX) is the latest stock to give us a setup that works well within our system and you’ll see why once you take a look at the chart in the video below.

In perhaps one of our cleanest setups in recent memory, MLTX has formed a very well consolidated range between two key levels. For support, we have a line drawn in the sand around 50 and as for resistance, we are looking at the stock rising above its recent high of 63.4.

As always, these levels provide us the roadmap to our trade and what we can reasonably expect from how the stock should perform given where price is currently sitting in relation to these levels. One the one hand, MLTX got a nice bounce last week from that 50 level which could very well mean we are back on our way toward at least 60 in the near term.

One thing to always keep in mind when we are talking about a support or resistance level is where a candle closes in relation to these levels. For example, for some indication that the stock would be headed higher after a break of 63.4, we would ideally want a candle close above that level in order to signal enough buyers have stepped in to make this move more likely.

None of this is to be considered without knowing what the rest of the market is doing, however. As of late, the market has looked anything but stable. We’ve gotten some bullish moves, but none with a tremendous amount of follow through giving us any indication that the bull run is back.

If we get a market that decides to push higher, then MLTX could very well be off to the races. If not, then just the opposite could be in the future for MLTX. Be sure to keep a close eye on these levels, as well as on what the rest of the market is doing as well.

Learn even more about my trading strategy when you join The Profit Machine. There, I’ll teach you all about my favorite stocks, setups, strategies, and plenty more to make sure you can take your own trading to the next level. You’ll also be invited to weekly webinars where I answer questions and go over important trading lessons, like the one in today’s article. The best part, you’ll also receive live trade alerts. Not only will you get a world-class education, but you’ll earn while you learn.

This year is drawing to a close, make sure you’re turning the corner on your trading to position yourself to win all 2024. Sign up today! Until then…

Good Luck With Your Trading!

Christian Tharp, CMT

Christian Tharp

I am an expert stock market coach having helped over 4000 beginner and advanced traders & investors from around the world take control of their financial futures. I also write stock market related articles for the Adam Mesh Trading Group. My Chartered Market Technician (CMT) designation substantiates me as an expert in areas such as the technical analysis of stock trends, market indicators, cycles, price patterns, Elliot Wave principles, Candlestick charting, analyzing financial trends and behaviors, portfolio strategies, and forecasting future price movements. With my straightforward approach to simple, systematic trading, students learn how to strategically assess buy signals and market entry timing, establishment and management of stop losses, and how to employ a simple and disciplined trading approach that creates profits.

  • 1

Leave a Comment

Your email address will not be published. Required fields are marked *


It's not goodbye, it's hello Magnifi!

You are now leaving a Magnifi Communities' website and are going to a website that is not operated by Magnifi Communities. This website is operated by Magnifi LLC, an SEC registered investment adviser affiliated with Magnifi Communities.

Magnifi Communities does not endorse this website, its sponsor, or any of the policies, activities, products, or services offered on the site. We are not responsible for the content or availability of linked site.

Take Me To Magnifi