Not quite going to Rigel, but showing more and more promise of higher highs in the not so distant future. Looking quite optimal fractally, actually.
Fibonacci goals are in green, reversal or invalidation is in red. This post is not financial advice, make your own financial advice or pay a certified professional ( you are to statistically faire better at blindly...
For the past 7 years, every time RIGL hit $5 -- it gets instantly sold back. Will this time be different? If it breaks past $5, this will be the greatest underdog bull victory in the history of this stock. Which side will you be on? I'm long-- always!
Possible Scenario: LONG
Evidence: Price Action, It holds the price at this level and now it's time to go up.
TP1 ~5$ , 10% Profit
Recommendation rating on yahoo finance is 1.7
This is my idea and could be wrong 100%
Breakout about the 100 day VWMA and CCI is crawling out of the hole, another rush upwards is in the works. To what point is anyone's guess. Personally not going to buy in unless it has a nice pullback toward the 2.00 level.
Best to play this like anything else - with patience and discipline.
RIGL broke out of a downward channel, and now seems forming a flag formation. In hourly chart it seems forming a pennant formation. In breakout of both bullish setup it can go $3.13 & higher
* Trade Criteria *
Date first found- March 2, 2017
Pattern/Why- Flag formation
Entry Target Criteria- Break of $0.93
Exit Target Criteria- $3.13 & higher
This ranks up there as one of the more ridiculous covered calls I've done. I say "ridiculous" because I'm selling the short call right at where current price is and dramatically reducing my cost basis at the same time (the share price line is depicted at 2.40 so that the stock price line/short call line don't overlap).
Buy 100 shares RIGL at 2.51