BIOMARIN PHARM STOCK PRICE REJECTED AT SUPPORT LEVEL!BMRN declining stock price got rejected at support level at 86, will this cause the stock to rise in coming days?
N.B!
- BMRN price might not follow the drawn lines . Actual price movements may likely differ from the forecast.
- Let emotions and sentiments work for you
- ALWAYS Use Proper Risk Management In Your Trades
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BMRN
Low risk High Reward BMRN?NASDAQ:BMRN finds itself at a point of fight or flight, cornered and being pinned below all-time highs and just above the 0.5 retracement level. A lot can be said about this company: battles with the FDA following the Martin Shkreli controversy, having product approval delayed, and dealing with the monotony of the pandemic and the subsequent rise and fall along the way.
Bullish Case - This is a perfect time to scale into a position, anticipating BMRN to become profitable when their drug Roctavian is finally approved and ramps up going into 2024 - 2025. There is an accumulation happening at this level that should bring us to the downtrend, at the very least. Let's see what the level looks like when it surpasses 85.55.
Bearish Case - They are barely profitable. Shouldn't long-term investing involve sound fundamentals? It seems like a lot of hope is invested in the bull case. This is not a discount; it is a warning shot. A warning that will solidify when the 83.51 level collapses like a house of cards built on beach sand. There's no beneficial foundation to support it hitting new highs YTD, suggesting this will end negatively by December.
Conclusion - This is a high-risk, high-reward kind of setup. Granted, if the level holds, this could be extremely beneficial. However, it needs a catalyst to drive investors back. If managed correctly, you can keep losses low if it fails and enjoy considerable success if some good news comes out before the year's end.
Bullish - 85.55
Bearish - 83.51
BIOMARIN - GOOD BUY OPPORTUNITYToday we gonna look at the pharmaceutical company, as a potential new giant trend on the stock market. NASDAQ:BMRN laying on the strong support line near $87.87 and can move up suddenly. My recommendation:
1. Buy now around 87.87
2. Take profit: 109.45
3. SL: 78.68
Risk/Reward - 2.39, potential profit - 24,6%