simonsays452
Long

SRPT looking ripe for a breakout above 38

NASDAQ:SRPT   SAREPTA THERAPEUTICS INC
30 2 0
We've been watching SRPT             consolidate for a few weeks now between the 35 fib extension support level and 38 resistance level . We've been building our position with $40 calls, adding on drops into the 35 area.
Yesterday, we saw the stock top 38 on the open only to end the day down +4%. With this morning's announcement, we gain a timetable for risk, which makes it's a bit easier to structure trades. The stock is up 7% and getting ready to breakout. Strap in. Looking for a re-test of $42 on optimism.
Comment: Only a minute or so later, we broke above consolidation resistance. Sitting tight.
Took another look at upside targets. Yesterday's breakout forms a flag pattern from 11/19's low. This pattern predicts a target of 50. This coincides perfectly with fib extension at 49.72. First stop is surely 42, but I believe 50 could be the next stop.
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