Technical Analyst, Saxo Bank Group
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.
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