Tech Tracker | VRTX Exhibits Flag-Formation Breakout, While LULU Holds Potential Upside of 5.6%

M+ Global Updates 24/10/2023 16:24

Our in-house experts provide daily technical analysis to assist investors in making informed trading decisions and enhancing their trading strategy.

Here's a summary of the technical analysis for 24Oct23:

1. Stock Name: Vertex Pharmaceuticals Inc ( $Vertex Pharmaceuticals Incorporated VRTX$ )

Vertex Pharmaceuticals Incorporated discovers, develops, and commercializes pharmaceutical products. The Company develops drugs for the treatment of cystic fibrosis, cancer, inflammatory bowel, autoimmune disease, and neurological disorders. Vertex Pharmaceuticals serves healthcare sector worldwide.

Entry: Buy above $367.50
Target: $375.00 (2.0%), $380.00 (3.4%)
Stop: $360.00 (-2.0%)
Shariah: No
Technical: Flag-formation breakout

2. Stock Name: Lululemon Athletica Inc ( $Lululemon Athletica Inc LULU$ )

Lululemon Athletica Inc. designs and retails athletic clothing products. The Company produces fitness pants, shorts, tops and jackets for yoga, dance, running, and general fitness. Lululemon Athletica serves customers worldwide.

Entry: Buy above $402.40
Target: $415.00 (3.1%), $425.00 (5.6%)
Stop: $388.00 (-3.6%)
Shariah: Yes
Technical: Breakout-pullback-continuation

Source: Bloomberg, M+ Global (Malacca Securities)

More about Loui:

Loui Low leads a team of analysts to perform equity and economic research and to provide investment advisory services to the organization's sales team, fund manager and retail fraternity. He has more than 10 years of experience in the stockbroking industry.

He graduated with a Bachelor of Science in Statistics from University of Malaya. He also holds an STA Diploma and is a member of the Society of Technical Analysts (MSTA) United Kingdom.

More about the tech tracker :

Our technical analysis section is updated daily and features insights from our expert analyst, Loui, on the stock market. Traders may find some trading inspiration from Loui's views.

More Insights from Loui:

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· M+ Global Tech Tracker - 23Oct23

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