One Biotechnology Stock to Book Profit On - TNGX

Oct 20, 2022 12:00 AM PDT | Team Kalkine
One Biotechnology Stock to Book Profit On - TNGX

Tango Therapeutics, Inc. (NASDAQ: TNGX) 

Tango Therapeutics, Inc. (NASDAQ: TNGX) is a biotechnology company that discovers and develops drugs for cancer treatment. As per the previous report on TNGX as on October 11, 2022, a ‘Speculative Buy’ recommendation was given on the stock at USD 4.07, and noted below are the details of the Support / Resistance summary provided in the previous report:

Support / Resistance Summary as on October 11, 2022

TNGX’s Daily Chart

Considering the resistance levels achievement, current trading levels and risks associated, it is prudent to book profits at the current levels. Hence, a ‘Sell’ rating has been provided on the stock at the current price of USD 7.455 as of October 20, 2022 (06:48 AM PDT). 

Note 1: Past performance is not a reliable indicator of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels is October 20, 2022 (06:48 AM PDT). The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.

Technical Indicators Defined: -

Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock. 

Resistance: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the stock. 

Stop-loss: In general, it is a level to protect further losses in case of any unfavourable movement in the stock prices.