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.
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.