Nice set up pattern in form of high & tight flag bullish continuation. The level 285 ish held nicely and expecting the high 296.80 to be taken out (resistance). A surge in price and volume would be nice confirmation for the next level.
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A brief update:
Bullish momentum continues and fibo levels 127 & 162 could mark the reaching of the first target.
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Comments on the chart and only a brief side note here: If the next 4 to 6 trading days will find the price at 305ish level it can be a red flag for a slight pullback. Also a close below the lower channel line will be a warning sign. However the long- term trend is bullish.
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Quick note: Closing below the ascending channels support line is definitely a sign of pullback. This move can be used as a trim & trail, swing trading or other personal preference. Macro trend is bullish and trading inside ascending channel. I would like to see a reversal at 286ish level. Supports levels are on chart.
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It was not that bad the pullback and the day ends with one of the most beautiful bullish marubozu candlestick. The next candlesticks will confirm the bullish continuation.
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Semaglutid has received positive recommendation on Wednesday. However, the final decision is expected by 5 December. There is a weak link that is called retinopathy data & risks. The chart shows at the moment a reversal and some levels will be tested. The closing level is important.
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Weekly chart: heavy resistances ahead yet still bullish long-term. Short and medium term shows slowing momentum. The area of support is calculated based on multiple chart time frames. Q3 earnings release is around the corner.
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Drama alert earnings season: the day ends with a nice gap to the downside and a gravestone doji candlestick. The price is still trading inside the ascending channel and SMA200 @ 301 should give some support.
The next trading days will give a clearer picture. I would expect a reversal around SMA 200 if things remain positive.
From an Ichimoku point of view the chart does look bearish at the moment.
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NOVOBC has lost the upside momentum and already confirmed the bearish signal by breaking the lower support line of the rising wedge. A strong support area coincides with the technical measurement of the rising wedge price target. The gap to the downside has a big significance and it will take some time until gaining again a bullish momentum. The reaction trade length will disclose the severity of the reversal.
@vaicru, Documents on Semaglutid were published today and received signs of hopes for the meeting on Wednesday when the FDA will decide whether to recommend the approval of Novo agent Semaglutid in the United States.