$SEGN Breakout in 1h Chart on above average volume after consolidation phase
All Entry Criteria have been met:
1. Price above 10, 20 & 50 EMA --> Check
2. Consolidation Phase in Uptrend --> Check
3. Breakout on above average Volume --> Check
Buy (Entry Price) above the black line and exit (Stop Loss) below the red line. Can take profit at the suggested Target Price.
Entry Price: $140.33
Target Price: $143.70
Stop Loss: $134.69
The PEAD projected a Bearish outlook for $SGEN after a Positive over reaction following its earnings release placing the stock in drift B with an expected accuracy of 100%.
As indicated on the chart, SGEN entered oversold territory at the end of October which was immediately followed by a Bullish RSI divergence. We can see that price just bounced at support line that has been holding strong since May and at the same time we received a bull signal from our MACD. SGEN is down over 40% since May and considering the strong bullish...
SGEN might deep a little lower towards the strong support of 145$ before retesting 165$ and 180$ previous resistance levels.
Earnings are in the way (29 APR) it might dip towards 145-155$ and continue towards 180$
Take a look. Here is my crystal ball.
I see a buy at $147-155 range on 2-20-21, or at bell on 2-22.
TP1 is see at 192
Hold 30 days TP2 $277
Rebuy at new low 210 after that.
90 day target $310. after buy opp at 40-45 days at 210.
Follow orange line i drew... this is the trade ranges.
Happy trading
And a not so perfect Gartley..
The last leg should have a D at the end. I did this chart a little while ago. The spot is probably D at this point. Idea is to get in at a possible bottom and ride it back up..
Retests of the spot this ends (D) are common so maybe place a safe stop
Any pattern can fail..
Not a recommendation
The PEAD projected a Bullish outlook for $SGEN after a negative over reaction following its earnings release placing the stock in drift C
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Buying here with a stop on any close below the 252 day moving average. I am looking for price to head back to the 195 area. SGEN has burned me recently but I am taking another shot at range lows. I like the rate of change divergence.
D can be lower and does not always equal ab..the c leg can go down further so just watching..this could also change direction at a pivot low so just dunno..for all i know it can turn up tomorrow as it is way down today..tempting but gonna watch this one
If price stops near the 0.786 of XA, then a Gartley pattern would also be a possibility..Gartley paterns...
Seagen Inc. is a biotechnology company, which engages in the development and commercialization of antibody-based therapies for the treatment of cancer. Its products include Adcetris and Padcev. The firm is also advancing a pipeline of novel therapies for solid tumors and blood-related cancers. The company was founded by Clay B. Siegall and H. Perry Fell on July 15, 1997, and is headquartered in Bothell, WA.
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