Eris breaches consolidation, surges 5.4 per cent
Eris Lifeciences is seen surging against the market sentiments with 5.4 per cent gains from the previous close. The stock succeeded in giving a consolidation breakout with 3.10 times volume spurt in intraday trade. The oscillators too are trailing above 60 levels which supported momentum in the stock.
Eris Life Sciences, which got listed in June 2017, had witnessed one of the largest IPO collection in the pharma space. The company is engaged in chronic therapies like cardiovascular, anti-diabetes, while speciality acute segments like vitamins, gastroenterology, women’s health and bone health.
Eris had given a rounding bottom breakout at 728 levels on November 29, 2017. Immediately thereafter, the stock had hit it’s all-time high level at 833.80 on November 30. However, the stock witnessed prolonged consolidation to correction where it hit 38.2 per cent retracement of the prior upward move and took multiple support near the level.
On Monday, the stock has succeeded in breaching its major multiple resistance at 784 levels. The stock gave a Bollinger upper band breakout at 786 level in Monday’s trade. On weekly time frame too the stock gave a downward sloping trendline breakout at 766 levels. With this we see a justifiable potential upside in the stock.