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  • Writer's pictureT. Livingston

VRNA Sets Up Well In A Big Base Near The 50-Day Moving Average

Biotech stock Verona Pharma (VRNA) is setting up really well in a large base with the 50-day moving average just below. VRNA is a stock I've been watching for quite some time now. I owned it earlier this year but was stopped out as the market corrected. Biotech stocks are currently one of the top ranked groups, and we've seen impressive actions in stocks like AKRO and ETNB which is a good sign that a theme may be developing.

Big bases offer large potential as they weed out weak hands. Often, these bases form during market corrections or bear markets as the general conditions hold back the majority of stocks. It does indeed look like the market environment is improving, and that makes me take an even closer look at stocks that are setting up well. Something that caught my attention was how VRNA exploded higher in December 2022 and has moved in a mostly constructive manner throughout 2023. I'll be on the lookout for a potential buy in the coming days.

Risk right. Sit tight.

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Disclaimer: This information is issued solely for informational and educational purposes and does not constitute an offer to sell or a solicitation of an offer to buy securities. None of the information contained in this post constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person. From time to time, the content creator or its affiliates may hold positions or other interests in securities mentioned in this blog or the associated Twitter and Instagram feeds. The stock or stocks presented are not to be considered a recommendation to buy any stock or stocks. This material does not take into account your particular investment objectives. Investors should consult their own financial or investment adviser before trading or acting upon any information provided. Past performance is not indicative of future results.


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