BullishWolf
Long

Symmetrical Triangle Bullish Breakout - AKRX

NASDAQ:AKRX   AKORN INC
There appears to be a bullish breakout from a 3 month symmetrical triangle on AKRX             . This looks like a textbook breakout (Lower highs & higher lows converging.) A symmetrical triangle alone is a neutral consolidation pattern - only until it breaks one of the trendlines does it signal direction. The price has not only broken the upper trendline , but has spent two days outside of the triangle. To me, this is definitely a bullish signal. Unfortunately, there has not really been a substantial pickup in volume , which usually accompanies the breakout. However, both the 13 & 21 EMA crossed the 50 day EMA today, indicating an uptrend. With a projected risk-reward ratio of 3, this looks like a promising trade.

Summary
Position: Long. Why?
- Bullish symmetrical triangle breakout combined with a 13, 21, & 50 EMA cross.
Risk Management:
- Stop-loss: $37.5 (7%)
- Profit-taking: $51 (25%) Why?
-- Following triangle measuring technique, a gain of 11 points is projected.
- Risk-reward ratio: 3.667
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