Immunogen tested the support at 9,5-10 and it seems to be holding, giving IMGN the opportunity to climb high.
Moving nicely above its 200 SMA.
Support seems to hold
RSI failed to break above 50
MACD value is negative and below its signal line
Target 1: 11,40 - Upside: 13%
Target 2: 15,00 - Upside: 50%
There are a number of excellent pieces out there about the coming catalysts. And so buy on the dip. If the technicals say sell, that is the best time to buy.
Reevaluate when it gets to 200, stop trading this one, just buy on the dip. In that regard the MAs are useful, buy at the trend line or below.
BUY BUY BUY
What IMGN is to us: a "futures"ish biotech firm that sports a majority institutional ownership
Climate: Lots of drugs in Phase I headed for Phase II. INTL partnership that hints at possible future acquisition. Decent recent earnings, but not really material.
Conspiracy theory + reverse engineering
So computers trade this stock a lot. There are algorithms...
After a sharp correction last week, IMGN has found support on the upper ichimoku cloud. Set to continue the uptrend. Strong resistance at $14.00, if we can break though that level, we may re-test the historical highs of $19-$20.
Price has recently crossed back above the 200 day moving average and is appearing to stabilize. EMA9 is now above 20,50,200 in a bullish manner. Price has been as high as $8 so lots of upward potential.
This one is very interesting for swing traders like me.... If it forms a double bottom at 5.35-ish, you better buy buy buy!
I expect it will form the double bottom within 2-4 days, and at 5.35-ish I will enter my long position BIG time, with a tight stop loss at 5.15 USD
After the double bottom has formed, I expect it to gain about 20-25% within a weeks time....
Looks like IMGN is being bound by a symmetrical triangle. This is my favorite type of setup, especially when we see the stars align like this; heavy volume on the daily and hammer candle right at the bottom of the range. Might bounce off of $7.80 and head down again before breaking out of the triangle but I think its safe to enter here with a stop loss at the...