VRTX is Breaking Down, Here are the Targets

Hubert Senters here.

Let’s take a look at VRTX. Had a gap down Friday and it’s probably going to continue marching lower. Here’s what I say that.

Anytime you see a stock this starts showing gaps like this and then they never really recover from it’s usually a bad thing.

And now you’ve got another gap here. This is going to do the same type of thing. So let’s go back here and check its past out.

So that’s it you had this big gap here it retrace about half of it. You go like this right here grab a fib and go from the bottom to the top here.

And you can see 50 percent retracement. It’s pretty normal. And then that’s usually the litmus test to tell you like hey, I’m going to cruise higher and go through the $61 and go take out the high or I’m going to ramp back down and trade sideways.

Now, you don’t know another shoe is going to drop. This is the first shoe. This is the second shoe. Heads up, it can go a lot lower.

So let’s go weekly chart here. You’ve got some support at about $169. And then after that it could potentially fall as low as $108.

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