Technical outlook – As we look over many patterns and signals to attempt to assess whether the market has established a trend or how the technical implications are shaping up.
After further investigation, while tracking other technical indicators, a commonly used tool among technical stock analysts is the Moving Average Convergence Divergence (MACD), which is a trend-following momentum indicator that shows the relationship between two moving averages of prices. Also assisting our assessment, is the 3-day lookback Relative Strength Index (RSI).
Once in sync with the MACD gives the marriage for ‘both these indicators’ to support our bullish assessment.
Using these signals, we can often determine when the next bullish break may be coming. Therefore, as the pattern strengthens, we anticipate that a move towards $3.76 is imminent, before reassessing the next move.
Company Overview -Opthea Limited (OPT, formerly Circadian Technologies Limited) is a biologics drug developer focusing on ophthalmic disease therapies. Opthea’s lead molecule is OPT-302 for the treatment of ‘back of the eye’ disease such as wet age-related macular degeneration (wet AMD) and diabetic macular edema (DME). OPT-302 is a soluble form of VEGFR-3 that acts as a VEGF-C/VEGF-D ‘trap’. Former Names: Circadian Technologies Limited (CIR), 11/12/2015.