Technical Update - Genmab jumping off lows. Possibly reversing downtrend Technical Update - Genmab jumping off lows. Possibly reversing downtrend Technical Update - Genmab jumping off lows. Possibly reversing downtrend

Technical Update - Genmab jumping off lows. Possibly reversing downtrend

Equities 2 minutes to read
KCL
Kim Cramer Larsson

Technical Analyst, Saxo Bank

Summary:  Genmab is jumping 12% off lows this morning following Earnings and Share buy back announcement. Genmab could be in the process of reversing the past 12 months downtrend.
Strong overhead resistance levels should be observed


Genmab jumping higher this morning after earnings and share buy-back program.

The stock is still in downtrend short- and medium-term, however and needs to close above 2,227 to reverse that short-term
However, RSI is showing Divergence thus warning about a trend exhaustion.
If Genmab is closing above the upper falling trend line AND RSI is closing above 60 threshold a bullish trend is likely to be built.
A close above the Cloud (shaded area will further add to the bullish reversal picture.  
Strong resistance at around 2,258-2,283

Medium-term weekly chart
The trading behaviour past 5 weeks has formed an unusual Doji Morning bottom and reversal  pattern (unusual because a Doji Evening pattern consists of just one Doji) . The pattern could also be regarded as a Breakaway Bullish bottom. But is indicating same behaviour which bottom and reversal  

Combined with RSI divergence is indicating exhaustion of the bearish trend.
A close above 2,227 will confirm a reversal scenario.

However, the share price trading well below all Moving Averages where the 55 and 100 are declining there is strong overhead resistance around 2,400-2,460 

If Genmab is sliding back below 1,950 the bearish trend has resumed with like lower price levels to follow
Source all charts and data: Saxo Group
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