ChemoCentryx Stock Is Approaching A Key Level

ChemoCentryx Inc. CCXI shares traded higher Tuesday after the company announced it filed an amendment to its New Drug Application for avacopan for the treatment of anti-neutrophil cytoplasmic yutoantibody associated vasculitis. The U.S. Food and Drug Administration (FDA) filing was set to have a goal date of Oct. 7, 2021.

ChemoCentryx was up 9.71% at $14.46 at last check.

ChemoCentryx Daily Chart Analysis

• Shares saw a very large dip in early May 2021 and now look to be making a comeback after forming higher lows.
• The stock is trading below both the 50-day moving average (green), and the 200-day moving average (blue), indicating sentiment in the stock has been bearish..
• Each of these moving averages may hold as a possible area of resistance in the future.

Key ChemoCentryx Levels To Watch

• Early May 2021, the stock saw a large crash losing over 45% of value in the stock price. The stock has since made some of those losses back
• The stock started to form higher lows up toward the gap the stock made on its strong move down.
• Previous gaps in the chart may hold as resistance, and the gap near early May starts at the $17 level, and may be where the stock finds resistance again.

What’s Next For ChemoCentryx?

Bullish traders would like to see the stock continue to trade higher along the higher low trendline. Bulls would like to see the stock break above $17 and be able to hold above the level for potential further bullish moves.

Bearish traders would like to see the stock break below the higher low trendline. If the stock can break below this trendline it may start to trade on a bearish trend once again.