BMRN - 18% gains in 3 weeks, and 216% by Valentine's Day??
Bullish breakout out of a 51 month scoop pattern makes a return to old highs a done deal. 150 is exactly the target of the massive bullish scoop pattern (based on daily closes), whose breakout-and-backtest are in the books. Price is currently locked inside a very steep rising channel, which will yield 150 as soon as July 27 (earnings reporting day... coincidence?).
Now, IF prices remained inside of this channel long enough, they would hit the upper resistance of the bigger, 13 year rising channel exactly in mid-February 2021 (blue arrow at 400 USD).
What would you buy for your Valentine with such a fast 216% gain? Let me know in the comments below...
Realistically though, such a steep rising channel will NOT last for much longer, and another, more gradual will form, which will still allow prices to keep surging, but at a lower, more sustainable pace. So you may have to settle for a slightly less expensive gift... Also fib extensions at 237 and 378 will probably give prices a pause. Keep in mind, there are growing rumors about a possible acquisition of BMRN. This would mean a quick gain for shareholders, but would also kill any chance at much bigger long term gains if BMRN stays independent.
So I hope it won't happen.
Full disclosure: currently holding BMRN at 1.2% of total assets with no stop. I may possibly increase exposure on a dip.
Now, IF prices remained inside of this channel long enough, they would hit the upper resistance of the bigger, 13 year rising channel exactly in mid-February 2021 (blue arrow at 400 USD).
What would you buy for your Valentine with such a fast 216% gain? Let me know in the comments below...
Realistically though, such a steep rising channel will NOT last for much longer, and another, more gradual will form, which will still allow prices to keep surging, but at a lower, more sustainable pace. So you may have to settle for a slightly less expensive gift... Also fib extensions at 237 and 378 will probably give prices a pause. Keep in mind, there are growing rumors about a possible acquisition of BMRN. This would mean a quick gain for shareholders, but would also kill any chance at much bigger long term gains if BMRN stays independent.
So I hope it won't happen.
Full disclosure: currently holding BMRN at 1.2% of total assets with no stop. I may possibly increase exposure on a dip.