Descending broadening wedge pattern MbII is trading in a bullish broadening wedge pattern, price action and volume within the flag seems bullish
Quick day trade or swing trade possible here
MBII
I like this setup for MBIISmaller name pharma stock. Definitely has the potential to be explosive. It appears we just break out of a triangle on major volume, finding support right now on top of the broken resistance. Super good R:R to long here and stop loss below the trend line. Initial target region is shown in the box. We're also sitting between the 0.618 and 0.764 log-fib retracements at the moment.
*THIS IS NOT TRADING ADVICE*
MBII - Smart money Long from current price to $1.43 & higher. MBII came into our smart money scan as it had 26 million dollar worth insider purchase on 7th Feb. On the technical side it seems running within an upward channel & now heading to its upside resistance. We think it has a good chance to hit $1.43 shortly.
* Trade Criteria *
Date First Found- February 15, 2018
Pattern/Why- Momentum upward trade
Entry Target Criteria- Current price ($1.26)
Exit Target Criteria- $1.43
Stop Loss Criteria- $1.04
Indicator Notes- Twiggs money flow crossed to the positive zone.
Special Note- 26 million dollar purchase on 7th February, 2018
Please check back for Trade updates. (Note: Trade update is little delayed here.)
