Cassava sciences stock price is down 6.91% as traders look to bank profits made on the stock this week.
The company announced new data for testing and treatment of Alzheimer’s disease, sending its stocks soaring by 29.5% in midweek trading. Cassava Sciences is developing a revolutionary blood test (SavaDx) for detecting Alzheimer’s disease and Simufilam, a new treatment for the debilitating illness. Data will be presented on 26 July and 29 July.
Despite today’s correction, Cassava Sciences is up 46.24% as of writing.
Price is now testing the 4 February high at 117.12. A breakdown of this area brings the 112.88 support (50% Fibonacci extension and 9 July high) into the picture. Any further declines in price have to take out 103.34 and 95.75, targeting the 90.00 psychological support and 3 February high.
A bounce on the present support or any of the subsequent support levels below ultimately needs to take out the present all-time high at 130.47 to aim for potential new highs at 136.00 (78.6% Fibonacci extension) and 144.09 (88.6% Fibonacci extension).
