While it is historically (and notoriously if you're any kind of long in it already) a slow-moving biotech stock, when these sudden capitulation dips occur is when smart setups present themselves and the stock runs past previous support/resistance levels off pure momentum rallies from the lows in the large symmetrical triangle pattern. A potential run such as this would not only net big profit and provide the best support for safe entry, but also aligns with the timeline for their expected BLA approval from FDA for Vicinium. A breakout to the upside from this pattern alone, without positive news behind it and purely from a technician POV, should imply around a 300% upside (measuring the distance between the highest and lowest points in the triangle and adding it to the breakout point). I think the positive news just gets you there quicker with volume surge.
I will watch and see how the pattern develops over the next two weeks before deciding whether or not to open a long position. If the price action finds strong enough support along the trendline I think it's a solid setup for a long trade.
I will watch and see how the pattern develops over the next two weeks before deciding whether or not to open a long position. If the price action finds strong enough support along the trendline I think it's a solid setup for a long trade.