Kalvista $KALV has seen a tremendous range from a high of almost 130 in 2015 to a low of 5.50 in 2017. But if we look at the daily chart, we can see that price has essentially traded sideways since 2016. Kalvista (KALV) Daily Chart(click to enlarge)Range:- The daily chart shows a range that has been broken to the upside as well as downside. But essentially, price is sideways.- This range represents price stabilizing after a year of sharp decline. - Note that the August 2017 bearish breakout did not end up extending price lower, but instead was reversed sharply. - Price still remained within range, but this false breakout to the downside could foreshadow a bullish swing ahead. The Bullish Bias:- So price didn't break above that resistance around 9 in September. - But notice the RSI push above 70 and since hold above 40. This is a sign that the bullish momentum is still going. - I think the resistance around 9.00 will be tested again before year's end, and this time, I wouldn't be surprised if the market pushes KALV up towards the next resistance pivot around 10.65.- All in all, this could be the start of the market building a price bottom, which should put KALV on the bullish reversal watch list for 2018. - In this bullish scenario, there will be upside towards 20 which was a hard resistance pivot in 2016 .Here's some news that should support KALV:Reuters:* Kalvista Pharmaceuticals announces collaboration with Merck * Kalvista Pharmaceuticals - investigational intravitreal DME candidate KVD001 phase 2 clinical trial still planned to initiate in 2017 * Kalvista Pharmaceuticals Inc - Merck acquires 9.9% stake in Kalvista in private placement * Kalvista Pharmaceuticals Inc - deal includes $37 million upfront fee plus potential milestone payments and sales royalties * Kalvista Pharmaceuticals Inc - Kalvista also has granted to Merck a similar option to acquire investigational orally delivered molecules for DME * Kalvista - under deal terms, co granted to Merck rights including an option to acquire KVD001 through a period following completion of phase 2 trial * Kalvista - Co will fund, retain control over planned phase 2 clinical trial of KVD001, development of investigational oral DME compounds through phase 2 * Kalvista - eligible to get payments associated with exercise of options by Merck, achievement of milestones for each program potentially total $715 million Source text for Eikon: Further company coverage: