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Biotech certainly has its share of drama, from Medivation Inc‘s (NASDAQ:MDVN) 19.7% leap after the Pfizer Inc. (NYSE:PFE) buyout news to Mylan NV‘s (NASDAQ:MYL) 6.2% stumble on criticism of its Epi-Pen pricing. One particular stock in this space looks like a strong bullish bet at the moment.
Achillion Pharmaceuticals, Inc. (NASDAQ:ACHN), which focuses on infectious disease/immune system therapies, has given off bullish signals for most of August. Its latest, on Aug. 22, was a Bottom Triangle pattern that suggests 17%–21% further upside.
The ACHN chart below shows the two converging trendlines as shares make lower highs and higher lows. Ultimately, the stock breaks out of the narrow range before the triangle can reach its apex. Once it does, that’s a sign that the consolidation is over and the stock is embarking on a new uptrend.
From here, the Profit Scanner powered by Recognia is looking for Achillion to reach $10.80–$11.20 in about a month and a half. Based on the short-term bullish signals from the Momentum indicator and Commodity Channel Index oscillator, however, bulls may be racking up gains well before then.
Profit Scanner powered by Recognia can help traders of all levels uncover these signals to determine the best timing to buy. Or use Profit Scanner’s technical insight to validate your own trading ideas. See how easy this powerful tool is to help you uncover hidden opportunities in the market.
