Long
AVEO Symmetrical triangle broken
DISCLAIMER: Be very careful with pharma companies, that's a lesson I've learned the hard way one too many times. Things like failed trials or FDA rejection can make these drop fast. BUT, that being said this technical chart setup looks great.
What I see: A downtrend that was in play during the whole of last month was broken yesterday. These breakouts are hard to confirm after just one day, so wait for another green close and/or macD crossover to confirm this setup. Volume was 5 or 6 times higher today than average volume during the previous days and the RSI downtrend line was broken as well.
If this pattern plays out, then my profit target is $5.50.
What I see: A downtrend that was in play during the whole of last month was broken yesterday. These breakouts are hard to confirm after just one day, so wait for another green close and/or macD crossover to confirm this setup. Volume was 5 or 6 times higher today than average volume during the previous days and the RSI downtrend line was broken as well.
If this pattern plays out, then my profit target is $5.50.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.