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.
To me this seems like a pretty sweet bullish set-up. I like the price, and velocity, while the momentum is trending above 0. I see a pretty obvious Adam/Eve reversal pattern. We are in the correct zone with RSI on fire above 50+ to break loose. Would you trade this?
From what I have learned, the Triangle is a continuation pattern, in this case, a sign to short the market.
You can look at it this way: the bulls are trying to escape the triangle to the top, but the bears are in control and push them back to the bottom. Then the bulls try again, but some bulls became bears in the mean time, and so the bears are getting...
RIGL has been rallying since February and is near a consistent support line and could rally from here. RSI and PPO are near past support levels. Price has been seeing support near the 25 day MA and today its low was only 2 cents below it and it closed 11 cents above it. The trendline it is near is also the 2/3 line.PPO often goes a little below its MA before...
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
One of the first things I do when searching for either covered calls to do or just general premium selling plays is to look for high implied volatility underlyings with relatively decent expirations, strike widths, and fairly tight spreads (i.e., having weeklies is best with $1 wide strike widths and a bid/ask that is no more than .15 wide from top to bottom is...
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