Novartis continuation of the rebound

feature image
Novartis, the Swiss pharmaceutical company, has entered into an agreement to acquire the US neuroscience group Cadent Therapeutics. It will receive an initial payment of $210 million, followed by payments of up to $560 million for a total of $770 million.

From a technical point of view, the stock price bounced off the lower end of a consolidation channel and is nearing a former gap area. The daily RSI (14) pushed above a declining trend line and is within its buying area (>50% and <70%). As long as 80 is support, readers may expect a continuation of the rise towards 81.8 and 82.6. 

Source: TradingView, GAIN Capital


Related tags: equities

Open an account in minutes

Experience award-winning platforms with fast and secure execution.

Live Trading Webinars

Our interactive webinars, led by our industry experts, come highly recommended and can help provide your trading with the edge it needs.
Economic Calendar