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Idera Pharmaceuticals, Inc. Message Board

  • jrdelane jrdelane Aug 20, 2014 1:29 PM Flag

    Daily chart = Inverted Head & Shoulders forming within descending triangle

    Sincethe last week in March (over 5 months in the making) we have formed a descending triangle, with the horizontal support at $2.38 and the descending line gradually dropping to present day. Neither line has been violated once, both have been touched four times. Since July 14th we have formed an "inverted head and shoulders" which is a strong bullish chart pattern. Interestingly, the right shoulder which is forming now has a neckline around 2.80 which will break out above the line of the descending triangle. This confluence of two formations looks to me like the real breakout getting ready to happen.

    Unlike Palmer I am not giving a date or a target to associate with this predicted breakout, but the chart does indicate this current trend reversal will break through the descending triangle formation to the upside before it reaches the neckline of the H & S. With the catalysts that Frank has posted, all is lining up for this to happen. Good luck all longs. Shorts have it coming.

    Sentiment: Strong Buy

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IDRA
2.56+0.25(+10.82%)Sep 30 4:00 PMEDT