CoryMitchell-CMT
Long

Neurocrine Biosciences (NBIX) Looking to Breakout Higher

NASDAQ:NBIX   NEUROCRINE BIOSCIENCES INC
Before a major cup and handle forms, it often forms a half cup or rounded bottom that signals a more back toward former highs. It can be an early entry into a really large move if the stock breaks above former highs, or it can simply provide a swing trade which rides the momentum up into the prior high region.

The target for the trade provides for an exit just below the prior high, since the price may consolidate there. Alternatively, a trailing stop loss could be used in case the price flies through the prior high and keeps going. In either case, the risk/reward is attractive here.

The last patterns like this played out in 2012 into early 2013, and then again in 2014.

Disclosure: Entering long this week, assuming the price action remains strong.
Stopped out. Will watch for another entry if it sets up.
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