Could Clovis Oncology Stock Be Gearing Up For Its Next Move?

Clovis Oncology Inc. CLVS is gearing up to present this week at the American Society of Clinical Oncology annual meeting, which runs June 4-8.

The company is expected to report updated Phase 1b results on Lucitanib and Opdivo in patients with advanced solid tumors.

Clovis Oncology was down 1.27% at $5.44 at last check.

Clovis Oncology Daily Chart Analysis

• Shares have been trading in a downward channel in the past few weeks, and the price is nearing potential resistance in the channel.
• The stock is trading below both the 50-day moving average (green), and the 200-day moving average (blue), indicating sentiment is most likely bearish.
• The stock could find resistance near each of these moving averages.

Key Clovis Oncology Levels To Watch

• Clovis Oncology shares are nearing resistance in the downtrending channel.
• Shares were recently able to find support near the $5 level, an area where the stock has previously found support.
• If the stock were to break out of the top side of the channel, it may see a further upward push.
• If the stock were to break below the $5 support and through the bottom of the channel, it could see a further downward push.

What’s Next For Clovis Oncology?

Bullish technical traders would like to see the stock build higher lows and break out of the downtrending channel. A break out of the channel may let the stock see a higher push.

Bearish technical traders would like to see the stock fall below the $5 support. A break below the $5 support and through the bottom of the channel may let the stock see a stronger dropoff.