Rigel Pharmaceuticals doing a thing. RIGLNot quite going to Rigel, but showing more and more promise of higher highs in the not so distant future. Looking quite optimal fractally, actually.
Fibonacci goals are in green, reversal or invalidation is in red. This post is not financial advice, make your own financial advice or pay a certified professional ( you are to statistically faire better at blindly longing SnP500 incase of the latter). Playing on the market whether you are an investor or a trader is risky. No good thing is ever without. Good luck out there.
RIGL
RIGL: historic rejection of $5 -will it be different this time?For the past 7 years, every time RIGL hit $5 -- it gets instantly sold back. Will this time be different? If it breaks past $5, this will be the greatest underdog bull victory in the history of this stock. Which side will you be on? I'm long-- always!
Smells Like a PumperBreakout about the 100 day VWMA and CCI is crawling out of the hole, another rush upwards is in the works. To what point is anyone's guess. Personally not going to buy in unless it has a nice pullback toward the 2.00 level.
Best to play this like anything else - with patience and discipline.
RIGL - Flag formation Long from $0.90 to $3.13 & higherRIGL broke out of a downward channel, and now seems forming a flag formation. In hourly chart it seems forming a pennant formation. In breakout of both bullish setup it can go $3.13 & higher
* Trade Criteria *
Date first found- March 2, 2017
Pattern/Why- Flag formation
Entry Target Criteria- Break of $0.93
Exit Target Criteria- $3.13 & higher
Stop Loss Criteria- N/A
Please check back for Trade updates. (Note: Trade update is little delayed here.)
RIGL COVERED CALLThis ranks up there as one of the more ridiculous covered calls I've done. I say "ridiculous" because I'm selling the short call right at where current price is and dramatically reducing my cost basis at the same time (the share price line is depicted at 2.40 so that the stock price line/short call line don't overlap).
Metrics:
Buy 100 shares RIGL at 2.51
Sell Sept 16th 2.5 short call
Entire Package: 1.76 debit (i.e., your cost basis in the shares is 1.76/share)
Max Profit: $75/contract if called away at 2.5 (ROC 42.6%)