gingerheadtrader
Panjang

IMGN possible symmetrical triangle breakout -range bound for now

NASDAQ:IMGN   IMMUNOGEN INC
Looks like IMGN             is being bound by a symmetrical triangle. This is my favorite type of setup, especially when we see the stars align like this; heavy volume on the daily and hammer candle right at the bottom of the range. Might bounce off of $7.80 and head down again before breaking out of the triangle but I think its safe to enter here with a stop loss at the bottom of today's candle. Also there was a nice bounce off of the RSI support support that was established back on 9/21.

Its odd how patterns like this usually line up with news events. In this case the end of the triangle pattern will be confirmed by earnings , on 10/21. Honestly that could make or break the setup. 4/5 analysts are bullish on this ticker so it'll be interesting to see what earnings brings.
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