Vertex Pharma Breaks Major Support, Watch This Trade Level

President & CEO Chief Market Strategist at IntheMoneyStocks.com • Jun 14, 2021 at 11:20 AM EDT

The next major support level for Vertex Pharma stock will be around the $170.00 area. This is a level where the stock broke out of a major sideways base in October 2019.

Leading biotechnology stock, Vertex Pharmaceuticals (VRTX), came under heavy selling pressure last week. The stock fell to a new 52-week low after announcing that it will halt the development of its rare lung cancer drug. Vertex Pharma (VRTX) stock is now trading below its important 200-week moving average. This puts the stock in a weak technical position on the charts and often signals further downside in the shares.

The next major support level for Vertex Pharma stock will be around the $170.00 area. This is a level where the stock broke out of a major sideways base in October 2019. When a stock backtests a former breakout area it will often serve as excellent chart support. This is a spot where I would look to be a buyer of the popular biotech stock.

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