Held that 136 level like a champ while working on the handle (which is a mini cup by itself). Good numbers will confirm and send this on a 65 pts journey, probably higher
Took a swing trade on this stock on a pullback buy at an entry of 123.58 with a target of 130.69. This stock has started to pull back a bit from my entry but I am still in the green on the play. Looking for a bounce off the 20SMA for a push to the target. What you all think? Feedback is always encouraged and appreciated.
.. if #VRTX continues, it is most likely going to pull the other #IBB components up and invalidate my short-observation on IBB. #VRTX just beginning its movement back up.
Remember to manage your position, take your profit and add when its right.
if all goes well, enjoy the ride, highly likely we will need to fasten our seat belt with this one.
Technically Speaking
A nice range has formed b/w the support zone at 75-80ish to resistance at 103ish level. Say a 25-27 dollar range.
Fundamentals
Vertex is a pharma co. You can read a summary of what they do here .
What to do?
First, what type of trade is this, a technical trade or a core long? I don't have any special insight into this company, so this...
LOOK AT THAT CANDLE!
and its volume.
and this candle's location.
and the number of bounces of this location.
----- my plan ----------------------------------------
Will consider a bullish trade if the price moves above 94.75. (day trading)
A NUMBER OF BIOTECH STOCKS FORMED INSIDE BAR ON WEEKLY CHART MONDAY. CONSOLIDATING NEAR HIGHS. LOOK TO BUY SUPPORT LOWER CONSOLIDATION ZONE OR WAIT FOR BREAK OUT FROM UPPER CONSOLIDATION ZONE. WATCH OUT FOR RESISTANCE/MELTING CANDLES NEAR FIBONACCI EXTENSION LEVELS.
