let's have a look at VRTX analysis on daily timeframe.
The support at 342$ has been retested many times however, this time we are expecting support to fail.
If horizontal support fails and the price breaks upslopping support (blue line), it will look more bearish and short position can be taken.
We define 3 targets which are shown on the chart....
Vertex Pharmaceuticals (VRTX) has experienced a decline of around 5.84% in its share price over the past month. However, based on the provided facts, it appears that Vertex Pharmaceuticals is in a strong financial position and could be a good investment opportunity.
Here is the core logic behind this trading idea:
Net Income: Vertex Pharmaceuticals currently has...
We have added a new position and here is a link to the updated portfolio:
VRTX had a positive earnings surprise on Nov 6th which pushed the price up to new highs. These new highs have been followed by a natural pullback which occured under low trading volume.
The new position has been added as the price broke through yesterdays high - a...
The 1-2-3-4-5 Impulse Wave (blue wave) formation on VRTX is nearly complete. We can see a rising wedge (white colour) after impulse wave 3. This is impulse wave 5, which can be in the form of a wedge. VRTX is consolidating at the top. It may make one last effort to reach the top, form a double top and then break down.
Another way to confirm formation of impulse...
Vertex Pharmaceuticals has been quietly sitting near record highs, and now some traders may look for movement to the upside.
The first pattern on today’s chart is the tight consolidation pattern since early August. VRTX barely fell despite a steeper pullback in the broader market -- a potential sign of relative strength.
The narrow range also pushed Bollinger...
Price appears to have been in a Rectangle which is a consolidation pattern.
Rectangles are also known as Horizontal Trading Ranges and these can break up or down. This one broke to the upside.
Looks like a rising wedge formed which is bearish in the end, although price can break upward from a rising wedge. Price fell out of the wedge to the downside. Rising...
Entry: with price above 354.47
Volume: with volume greater than 2M
Target: 391 area
Stop: Depending on your risk tolerance; 342.3 gets you 3/1 Reward to Risk Ratio.
This swing trade idea is not trade advice and is strictly based on my ideas and technical analysis. No due diligence or fundamental analysis was performed while evaluating this trade idea. Do not take...
Vertex Pharmaceuticals broke out to new highs last month, and now it’s pulled back.
The first pattern on today’s chart is the price area around $325, near the peaks in December and January. VRTX has dipped to revisit that level. Is old resistance becoming new support?
Second, the drugmaker is attempting to hold the bottom of its Keltner Channel.
Overbought with RSI on 70.
Possible cup without a clear handle. 2 are noted within the rectangle and the 1st one failed to break resistance.
Price is above upper trendline today but no clear uptrend noted. Some would wait for at least 2 closes to confirm a trend.
The Trend Lines are above. If SPX does not decline, all the stocks can start a rally which I expect cannot exceed the ATH. I expect 2024 will be the bigger rally and this year, I expect fluctuations.
Not an investment reccomendation.
What we can see in the chart is a rising wedge pattern. We expect the price to break down from the rising wedge formation.
It may take a little bit more time since the price is still consolidating inside the wedge.
You should enter short position when/if the price breaks down of the wedge with a volume surge.
Do not forget to put a stop loss once you enter the...
Price appears to be in a suspicious pattern with both trendlines sloping up and narrowing somewhat at the apex.
Price is above a Rectangle and I see a candle that went diving for support recently.
This market could send this higher as there seems to be no rhyme or reason as of late.