Elemental
Long

ISIS approaching decision point.

NASDAQ:ISIS   ISIS PHARMACEUTICALS INC
48 0 0
Two weeks of consolidation in the $66-67 range, coupled with previous waves of consolidation in this area at or below this level since the beginning of the year. The current flag setup is converging at the trend lines and algo programs are likely picking this up as well. This will lead to some action by the end of the week, although without news, it will be difficult to predict which way. Conventional thought would suggest the uptrend might continue, especially given the general strength of bios right now.

Short term targets at $71.50, $73, and $77. Support sits in the $56-58 range, which is a great place to add more shares on a pull back. We probably won't see new all-time highs until we get our next data release. At least 3-5 releases are slated for the second and third quarters, and another 3 for 4Q15/1Q16.
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