Symmetrical Triangle Pattern Suggests a Significant Move in Ligand Pharmaceuticals Soon

A symmetrical triangle pattern has emerged in the chart of Ligand Pharmaceuticals (LGND).  After this period of consolidation, we expect the stock to breakout or breakdown.

Ligand Pharmaceuticals, Inc. is a biopharmaceutical company, which engages in the development and acquisition of technologies that help pharmaceutical companies to discover and develop medicines. Its products include evomela, IV voriconazole, duavee, viviant/conbriza, nexterone, and noxafil-IV.

Take a look at the 1-year chart of Ligand (LGND) below with my added notations:

LGND has created a common chart pattern known as a symmetrical triangle. A down trending resistance combined with an up-trending support forms the triangle pattern (blue). Since there is no true way to know which way the stock will break, many traders will wait for the breakout or breakdown before entering a trade. 

A trader could enter a long position on a break above the down trending resistance with a protective stop set under the entry level. However, if the stock were to break below the trend line support, a short trade could be entered with a protective stop above the trend line.

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LGND shares were trading at $148.28 per share on Thursday morning, up $1.32 (+0.90%). Year-to-date, LGND has gained 49.10%, versus a 4.96% rise in the benchmark S&P 500 index during the same period.

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About the Author: Christian Tharp

I am an expert stock market coach having helped over 4000 beginner and advanced traders & investors from around the world take control of their financial futures. I also write stock market related articles for the Adam Mesh Trading Group and Yolo Publishing. More…

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