Today we gonna look at the pharmaceutical company, as a potential new giant trend on the stock market. NASDAQ:BMRN laying on the strong support line near $87.87 and can move up suddenly. My recommendation:
1. Buy now around 87.87
2. Take profit: 109.45
3. SL: 78.68
Risk/Reward - 2.39, potential profit - 24,6%
Blue line: Channel on weekly
Red line: Daily overall pattern
Purple: Daily Micro pattern
Its been in an ascending wedge for a while now;
I think this is ready to follow the blue line and make a slow descent towards 80s
Looks like stuck in coil with indicators at week, 1 month, and 3 month still not showing upward trend. Possibly coincides with april/may convergence. Look for break above $100.
Biomarin Pharmaceutical (BMRN) is in a huge triangle pattern with double bottom stochastic divergence on trend line support. I highlighted recent divergences and you can see the kind of move this stock makes off of the signal.
Be patient, and get in on the way up.
Buy: 84.23
Target: 86.49 - 90.14 (2.69 - 7.02%)
jbzstocks.com
@jbzstocks
www.tradingview.com
This stock have been following a trend line for a long time. I don't see why it should stop.
Stock oversold, and price at SMA200.
As always. Target is floating and not set. If the trade is successful, I will close once it hit's SMA200 again.
As we saw by price action forming head and shoulder pattern..
as well as the price is below a strong resistance zone..
close below 91.20 should take the price to 161.80 retracement level.
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BMRN
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