BHVN 52 Week HighBHVN hit a 52 week high on my scanner 1/8/2023 with very good volume and a strong closing candle. If this takes out the high of the high tomorrow, then this stock is in play. Be sure to wait for things to settle down for at least 15 minutes after the opening bell before making any trading decisions.
The 2 methods I like to use in these cases:
1: Wait for the price to stay above the high of the previous day (green line, 47.17) for at least 15 minutes before taking a trade and set your stop at the low of the previous day (red line, 42.69).
2: If the price stays above the high of the previous day (green line, 47.17) for at least 15 minutes, add the stock to a watch list, and wait for a pullback to an EMA that has held it well and then buy it with a stop below that EMA. In the case for BHVN, it looks like both the EMA 8 and EMA 21 have acted as support, so I would be aware that the bottoming wicks could reach down to the 21 EMA periodically when managing the trade.
These are the basic setups I use, but I will also consider support lines, AVAPs, etc. I will note these in my ideas if I use them.
