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US Technical Analysis Report

One NASDAQ- Listed Biotechnology Stock Poised for Upside as Russell 3000 Edged Lower– ALLK

Dec 20, 2024

ALLK:NASDAQ
Investment Type
Small-Cap
Risk Level
Action
Rec. Price (US$)

Company Overview:  Allakos Inc. (NASDAQ: ALLK) is a clinical-stage biotechnology company, which is engaged in the development of therapeutics that target immunomodulatory receptors present on immune effector cells involved in allergy, inflammatory and proliferative diseases. This Report covers the Price Action, Technical Indicators Analysis along with the Target Levels, Stop Loss, Support Levels, Resistance Levels, and Recommendation on stock.

US Markets Round-Up

This week, the Russell 3000 index, an important benchmark of the US stock market across market capitalizations, started the week on a negative note and continued the momentum. The index made low of 3349.74 during the week and settled at 3350.01 with a week-to-date (WTD) loss of ~3.352 percent on Dec 19, 2024. Other major indices, such as S&P 500 and NASDAQ Composite displayed downside move for the week. On Dec 20, 2024, the S&P 500 index settled at 5867.07 with a WTD loss of ~ 0.09 percent, while the NASDAQ Composite Index settled at 19372.76 with a WTD loss of ~2.78 percent.  

Having understood the US market performance over the week, taking cues from major global news, and based on technical analysis of the Russell 3000 index for the upcoming week, now let’s have a look at the one US-listed stock to pick from the technical standpoint. Noted below recommendation is based on the entry price, target prices, and stop-loss for Allakos Inc. (NASDAQ: ALLK) for the next 2-4 weeks duration: 

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