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
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.
Target: 86.49 - 90.14 (2.69 - 7.02%)
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.