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Here’s Why Genedrive Shares Surged 8.12% Today

Simon Mugo trader
Updated 12 Oct 2020

Practice Stock Trading
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Shares of Genedrive PLC (LON: GDR) today surged 8.12% despite the company not making any major announcements. Today’s rally marks the third consecutive day that the stock has risen after breaking out of a sideways trading range.

The latest rally can be attributed to a delayed response to the positive catalysts that have emerged from the company in recent weeks including the approval of its SARS CoV2 testing kit in South African on 30th September.

The stock barely moved on the news, while it fell after Genedrive announced that its coronavirus testing kit had been verified with Beckman Coulter Life Sciences’ RNAdvance Viral RNA extraction chemistry, which was a positive development.

The 3-day rally by the stock shows a strong presence of buyers who are in control of the price and it will be interesting to see how the share behaves once it hits the 150p resistance level, which is just 13 pips away.

Traders who were well-positioned ahead of the breakout are sitting on nice profits. For those who are not in the trade, it would be best to wait and see how the share behaves around the 150p level before opening any new positions.*

*This is not investment advice, you should do your own due diligence before making investment decisions.

Genedrive share price

Tradingview chart of Genedrive share price 12102020

Genedrive shares today surged 8.12% to trade at 139p having risen from Friday’s closing price of 129p.

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Simon has over six years of professional trading experience across FX, commodities and equities. He has a strong passion for financial markets and is particularly focused on price action trading