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PharmaMar explodes again to the upside and already looks askance at the resistance of 9 euros


How could it be otherwise PharmaMar's shares skyrocket on Tuesday after learning that the FDA has approved lurbinectedin for lung cancer.

Technical analysis

Short term

Medium term

Long term

We have recently analyzed PharmaMar and we said of him that we liked what we saw because the last falls experienced by the biotech company had been supported on the 'crest' of the previous bullish momentum, or what is the same, we had attended a simple 'throw back' to the previous highs. This morning the title has awakened with strong rises leaving a bullish gap, now support, at 6.38 euros. And from the point of view of technical analysis it can be said that we no longer found significant resistance until the area of the 9-9,70 euros: the maximums of June 2003 and the maximums of 2007. Level that will not be reached, a priori, quickly. The normal thing is that you do it with your corrective processes (reaction phases) against trend. The same thing that it has been doing since the uptrend began, back in October 2018.

What's more, it cannot be ruled out that in the next few days it will fill, at least partially, the bullish gap on Tuesday. And as long as it is not closed, we will understand that any approach to it should be interpreted as a new opportunity to get on the shopping train.

PharmaMar weekly chart

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