Despite the ultra-bearishness of the US market, there are still some needles found in this humongous haystack.
Case in point is biotech firm, Genentech, Inc. (NYSE: DNA). Just when most issues have been battered off their highs, DNA has shown resilience by posting a very robust flag in the making. Should it fly soon, I have put my trigger buy at 94.45, projecting that this will have an upside target of at least 105.75.
The opposite of this formation could be found in the stock that recently broke down, Abbott Laboratories (NYSE: ABT). Things just look so bad for ABT that I decided to short sell the sucker at 45.50 since that was my trigger price for something that was so obvious in showing an inverted flag. The downside target is at least 42.30.
Opposing directions, yet the concept is still the same. I hope to get out of these trades unscathed.