Crisper Therapeutics (CRSP) has been on our radar for some time and is now testing a range high in an attempt to break out of a consolidation. Can it run from here? Anything is possible, but chasing price action is usually not a good idea. So we will bid for it at a lower price.
Don't Chase. Let It Retrace.
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Crisper Therapeutics: Ticker CRSP.
One of the gene editing companies that has been strong in recent months.
Our swing trades are primarily focused on technical setups and patterns. These are not long term investments where fundamentals can play a more important role.
For CRSP, the low 100’s is a break out attempt which can quickly become a failed high. The current price location is very risky for a new swing trade long so in these situations, we will use a LIMIT ORDER placed below the current market to see if we can capitalize on temporary weakness or price noise.
For this stock that can translate into a retrace of 5 to 10 points.
What if it never retraces to our order? Then we never assume any risk, and lose nothing. It is not about “when” the market offers and opportunity, it is all about “IF”.
The target potential is also very attractive for this stock. The broader trend is clearly bullish. If the longer term structure stays intact, proportionally price can test the mid to high 120’s over the next few weeks or months.
Here is the trade idea:
BUY LIMIT: 94.55
Stop Loss: 84.55
Target 1: 105.25
Target 2: 118.55
Target 3: 125.55
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Keep in mind this stock is not as correlated to the broader market (S&P) like companies such as MSFT or AAPL.
It is more sensitive to company or sector specific news and events.
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