REGN wedge bounce

30 ธ.ค. 2020

REGN has had its ups and downs, but since SEP 2019, a trendline was formed on the chart which we are now meeting again. Each time it met this trendline, the stock was met with a hard bounce. After running up to highs in July, the stock has been in a steady downtrend, which accelerated to the downside to meet the larger trendline. This is a great spot for a low risk, high reward long with the target at 505.55 to keep this play conservative. Because this play is contingent on a bounce almost immediately, the stop will be extremely tight and be placed at the break of the lower blue trendline, which will likely be about the 481-482 range, but price action can dictate otherwise. Due to the virus, this company can come out with random news extremely fast, so make sure to keep watch after entering, even if news is not likely.