Previously I called a long on LHC at 1977c (13 May idea attached), citing the relative strength vs the broader market. The name traded above 2800c less than a month later, driven by the Biogen/Alzheimer's news.
Comparing the current price structure to Biogen in the US, I note Biogen having previously developed a bearish flag formation which was a precursor to the recent move lower.
Could LHC follow a similar structure in the short term? Here are two scenarios:
1. From the immediate structure, the 2390c level needs to be breached, as confirmation of the downside move.
2. If it trades higher then a level will be confirmed but preceded by a break of the channel support.
I'm monitoring for a short term opportunity.
For more high quality insights and real-time trading ideas, get in touch today.
Comparing the current price structure to Biogen in the US, I note Biogen having previously developed a bearish flag formation which was a precursor to the recent move lower.
Could LHC follow a similar structure in the short term? Here are two scenarios:
1. From the immediate structure, the 2390c level needs to be breached, as confirmation of the downside move.
2. If it trades higher then a level will be confirmed but preceded by a break of the channel support.
I'm monitoring for a short term opportunity.
For more high quality insights and real-time trading ideas, get in touch today.
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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.
Related publications
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.