the_get_man
Long

DoubleBottom Channel Breakout Trend Reversa, Volume Confirmed

NASDAQ:BIIB   BIOGEN INC
41 0 2
6 months ago
BIIB             has been in a downtrend for about 9-months. In March was the formation of a double bottom with volume confirming a reversal (left most green arrow). In May was the formation of a new lower high. This is confirmation that a new bullish trend is underway. On Tuesday, May 31st BIIB             broke out both above the 200 SMA and and out of the downtrend channel on confirmed volume .

I am going to catch the next lower high and place my stop below the trend line:
Trigger (.5 fib): 264.44
Stop (.382 fib): 259.47
Target: $327.71

This trade has a reward: risk of 12:1. There is way more upside if you believe that all gaps are eventually filled or come close to being filled.

If the stock does not trigger because my trigger is too low I will look for a new entry along the lower black trend line.
6 months ago
Order cancelled: Just a huge bearish gap today after such a promising chart pattern. I will not get into this trade as a result of the gap down.
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out