First idea today is BIIB. With the lower swing high in place but no lower low below the January 29 swing low, there is still potential for this to be a pennant pattern, which is a retracement pattern in an uptrend above the 20-day EMA.
IF this is a pennant, THEN it should resolve up, and traders will have the buy alarm placed at yesterday's high of 44.39 to catch the move. The initial stop loss should be no lower than yesterday's low. The pattern is seven bars big, with two upside targets. It should be able to get to the February 2 swing high in less than two bars, and to the January 27 swing high in less than four bars.
04.02.05 08:49 #