NBIX (Neurocrine Biosciences) was added as an Active Short Trade on July 27th as this biotech stock was just breaking down from a bullish rising wedge pattern. In my haste to get the trade idea posted asap, I had added the horizontal support lines which would act as potential profit targets but stated that the official price targets & suggested stop would follow. With all the activity in the market since then, I was unable to follow up but in reviewing the Short Trade ideas today, I have now added price targets (T1 at 33.25 & T2 at 27.40) with a suggested stop above 56.20.

NBIX hit what was the 3rd potential target/support level shown on the original chart for a quick 21.5% gain before bouncing but as I had not yet made these targets official, I won’t count that as a Completed Trade. As the biotechs are likely headed much lower in the coming months, I have added two official price targets (T1 &T2) expecting NBIX to move considerable lower in the coming weeks/months.