$SAGE - LONG
Sept 2
I missed the initial trade back at $40.00, but looking to enter into this tomorrow. You can use a more aggressive stop loss if you want, but this is still in a momentum trade and the open range for the next two weeks suggests a bullish overall market.
Quick analysis of SAGE shows a massive drop in December when phase 3 of the trial did not meet the threshold to continue to the next stage even though it shows some promise. Then CEO increased his share position adding 16% $500,000 insider buying.
Stock crashed with the the market down to $25 dollars. A flag pattern breakout happened June 18th and hit its target by August 10th.
A new flag pattern formed and the break-out confirmation of the flag happened today after it had bounced of the 50 day MA. Today we closed above recent highs and tomorrow continuation could confirm breakout. Next resistance is 200 day MA at $55.48. Break above would confirm breakout to following targets:
Target 1: $62.58
Target 2: $70.50
Target 3: Momentum
Stop Loss: $47.13 (50 day MA)
R/R: 2.51
I missed the initial trade back at $40.00, but looking to enter into this tomorrow. You can use a more aggressive stop loss if you want, but this is still in a momentum trade and the open range for the next two weeks suggests a bullish overall market.
Quick analysis of SAGE shows a massive drop in December when phase 3 of the trial did not meet the threshold to continue to the next stage even though it shows some promise. Then CEO increased his share position adding 16% $500,000 insider buying.
Stock crashed with the the market down to $25 dollars. A flag pattern breakout happened June 18th and hit its target by August 10th.
A new flag pattern formed and the break-out confirmation of the flag happened today after it had bounced of the 50 day MA. Today we closed above recent highs and tomorrow continuation could confirm breakout. Next resistance is 200 day MA at $55.48. Break above would confirm breakout to following targets:
Target 1: $62.58
Target 2: $70.50
Target 3: Momentum
Stop Loss: $47.13 (50 day MA)
R/R: 2.51
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