5 Bullish Biotech Charts

Watch the price action to confirm or refute these chart patterns

       

Bullish Pennant

7 15 13 immu 300x258 5 Bullish Biotech Charts
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First up is a bullish pennant in Immunomedics (IMMU), a company that targets cancer and autoimmune disease treatments.

The price seems to be resuming a sharp rally after taking a brief pause. A bullish pennant pattern occurs during a dynamic market rally, representing a brief period of indecision before running off again in the same direction. The pattern consists of two converging trend lines with diminishing volume, and is confirmed when the price breaks through the upper boundary to resume the advance.

This pattern has developed over the past 9 days, which means the trade is likely to play out in the short-term.

Price Target: $6.80 – $7.20

Stop: $4.54

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