SUPER BULLISH ON THIS BIOTECH STOCK

I've seen thousands of charts over the years. Very few look as promising as this one from a breakout perspective.

Nothing builds energy like a long term consolidation does. This one is 15 years.

On top of that, we have a 6 month candle closing at the end of June. This will be the stock's strongest price action in its history. Something is cooking...

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Disappointing price action today (on a very important day, the monthly and quarterly close) and the past two weeks. No follow through on the breakout and no healthy consolidation. Instead, it experienced a hard retest and went back under the neckline. I generally think when hard retests occur they are usually indicative of more bad news to come. I am a firm believer that the best performers NEVER look back. So we'll see what happens with this one in the days to come.

Tagged its 50 day today as well as its trendline so the stop should be place just below today's close. If there is one more weak daily close it's a loss in my book, which I am now anticipating.

The other thing to pay attention to is its no longer a close above all time highs on the monthly or the quarterly chart as shown here:

This may mean it needs more time to consolidate. How long that is is anyones guess.

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