Daily chart: BCRX has broken out of a 1 year long base, turning the $4.00 level resistance into strong support. Price currently consolidating in a descending triangle using the $4.00 level and the 50 day EMA as support.
1HR: BCRX has not closed below $4.14 in last month while the breakout level has been tested at minimum 5 times (depending on what you count as a test), each time producing a wick only as low as $4.08. A stop loss of just sub $4 or even $4.05 could give you a low risk trade opportunity. BCRX must clear $4.40 to get above the hourly EMAs, so I also like the idea of waiting for that to occur and then using a stop of $4.25.
Either way, if you are nimble you I believe it's realistic to enter a trade here with a downside risk of 5%.
Near term, this is Covid related and is going to be bid up if the Covid narrative becomes prominent in the market again. See my link at the bottom regarding
VIR and 
BNTX that show a similar consolidation pattern over the last month, not participating in the broader market rally and now starting to look technically bullish.
I like BCRX from a technical standpoint, risk standpoint and I believe it's bull case is bolstered by recent strength in other Covid stocks.
biopharmcatalyst.com/company/BCRX
finviz.com/quote.ashx?t=BCRX
Covid related drug name with several programs and some good press recently. (That's as much fundamental work as I do).
Link above will give you pipeline and press releases.
Per Finviz, $7 target given 5/5/20.
1HR: BCRX has not closed below $4.14 in last month while the breakout level has been tested at minimum 5 times (depending on what you count as a test), each time producing a wick only as low as $4.08. A stop loss of just sub $4 or even $4.05 could give you a low risk trade opportunity. BCRX must clear $4.40 to get above the hourly EMAs, so I also like the idea of waiting for that to occur and then using a stop of $4.25.
Either way, if you are nimble you I believe it's realistic to enter a trade here with a downside risk of 5%.
Near term, this is Covid related and is going to be bid up if the Covid narrative becomes prominent in the market again. See my link at the bottom regarding
VIR and BNTX that show a similar consolidation pattern over the last month, not participating in the broader market rally and now starting to look technically bullish.I like BCRX from a technical standpoint, risk standpoint and I believe it's bull case is bolstered by recent strength in other Covid stocks.
biopharmcatalyst.com/company/BCRX
finviz.com/quote.ashx?t=BCRX
Covid related drug name with several programs and some good press recently. (That's as much fundamental work as I do).
Link above will give you pipeline and press releases.
Per Finviz, $7 target given 5/5/20.
Note
I'm in today at $4.14Note
Although this one did not follow my initial thesis and broke below $4, I would be a buyer over $4.4. Upside remains in tact IMO
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.