Each week at ChartSmarter we like to bring to a little insight into what we do on a daily basis. We have been at it for more than 4 years and we love doing it. Each night we detail 7 to 8 of our favorite ideas, both long and short, for the next days session. We do NOT have a chat room, nor are we active “tweeters”. We like our business growing by word of mouth. For those who would like to see a full copy of our Monday Game Plan, email me at chartsmarterblog@gmail.com.
In Fridays Game Plan we looked at a pharma standout that was consolidating beautifully at all time highs. The stock took a flag trigger that was highlighted at 519.75 Friday and rose more than 4% on energetic trade. It now stands almost 20 handles higher from the pivot.
Stocks that can be bought as they take out bullish flag patterns are REGN. REGN is a pharma play higher by 26% YTD and 69% over the last one year period. It is hardly being affected by the softness in some of the bigger names like BIIB or CELG. The stock is higher 4 of the last 6 weeks with all of them CLOSING in the upper half of the weekly range, a bullish sign. The round numbers have come into play with the 400 figure providing support from last December to this February, and now the 500 handle is doing the same. Earnings have been somewhat quiet with moves lower of .3 and 5.8% and higher by .2 and 2.4% on 2/10 and 8/5.REGN is now flagging right off all time highs and enter with a buy stop above 519.75. Good action on a tough tape has to be applauded.