Shorting NBIX

NBIX (Neurocrine Biosciences) offers an objective short entry on this breakdown below the rising wedge pattern. As such, NBIX will be added as an Active Short Trade around current levles. Horizontal lines mark potential targets with suggested stops & targets to follow soon.

On a related note, I'm currently looking for a move down in IBB (Biotech ETF) to at least the 333 area (about a 10% drop). As such, I plan to align my price targets on NBIX, as well as any other biotechs that might trigger an entry soon, with the charts of the biotech index.

NBIX daily July 27th

NBIX daily July 27th

I have numerous trade setups on my watchlists and with many of those, such as NBIX, if I get a trendline or price alert & the entry looks to be time sensitive, I will post the trade idea asap, even if I had not identified the exact suggested profit targets at the time the price alert was set. There are still a couple other Active Trades with price targets TBD, which I plan to follow up with asap. If you are following any of the trade ideas on the site & have questions or comments, feel free to contact me.

Jul 27, 2015 10:22am|Categories: Completed Trades - Short|Tags: |Comments Off on Shorting NBIX