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ETrades1
May 26, 2020 12:05 AM

RARE 5 yr Desc. Triangle Breakout (Weekly) Long

Ultragenyx Pharmaceutical Inc.NASDAQ

Description

Weekly breakout of 5 yr descending triangle. 2 PDUFAs coming: 6/18/20, 7/31/20 (biopharmcatalyst.com/calendars/pdufa-calendar)

Comment

Really nice breakout and pullback to breakout level with strong follow through, up 7% today. PDUFAs aside, market is saying it likes this stock. I am not in this stock currently, but it is a top 3 priority add on a broader market pullback. Long term consolidation is clear, breakout is clear, I like it. Keeping a close eye.

Comment

Weekly chart looks great, will see $100 easily
Comments
lauralea
THX!
ETrades1
.
tom3kk
Where is it going to go before 6/18?
ETrades1
@tom3kk, stock has broken out of channel, pulled back to support at breakout level and looks like it will run up higher from here. I think it could see $90 before the PDUFA on 6/18 which could bring a continuation higher or a sell the news event. Just my opinion. If it were me I'd play the run up prior to the announcement, i'd buy it here and look for 10% - 20% in profit
tom3kk
@ETrades1, Thank you
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