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.
