AGIO large move expected soon on tight daily bands
-Company waiting Priority Review for Enasidenib in Relapsed or Refractory AML with an IDH2 Mutation from the FDA (Due early August). -Thier IDH1m (IVOSIDENIB) looks somewhat promising - They are currently at 53.84 which is low given the above two points. NASDAQ:AGIO
starter position here and above $43 to add
BUY $AGIO at $51.51 TARGET 1 Price: 58.00 Profit: 12.6% Stop/Trailing Stop: 49.44 Loss: 4%
AGIO broke out of the downtrend but didn't close on the highs of the day. Also the volume on the breakout was very less understandably due to holiday season. It will be an interesting round of events next week to get an idea as to where AGIO's is going. MACD and RSI are showing bullish signs. All in all if it can consolidate a little over the downtrend line there...
Sifting through the biotechs I came across this head and shoulders opportunity. Volume pattern confirming so far. We might be close to breakdown. Also notice the RSI trend and latest high right around 51. I suggest a stop above 110, which is about 2x ATR and gives some room. The biotechs as a group are pretty bullish at the moment, so this trade could act as a nice hedge.
AGIO Agios Pharmaceutical a. Volume surge on breakout b. Mansfield RS in positive zone c. Highest price for the last 2 years d. 30 MA below price Therefore, Buy in-the-money options expiry date Aug 2015. Exercise the options if target price is reached or better yet let it expire.
Swing long over blue line on 60M chart