I went long Neurocrine Biosciences, Inc today at 6.07 with a protective stop at 5.70. I was going to wait for a retest after a breakout but the robust volume today (so far at least) and the push forward into the 6 range combined with favorable oscillators and other factors made me take the plunge today.
I like the large tradeable void between 6 and 8 and I also like the longer term charts and levels above 7.4. To me Neurocrine Biosciences, Inc still looks like an ideal position trade but that does not mean that it will not be very volatile. The recent 1.5 month price action is a little bit deceiving in that it has been so tight and relatively calm.
6.19 looks like the last remaining swing high that needs to be overtaken to say that NBIX is clearly above the 3 year resistance line.
Volume may come in north of 1 million shares today which would be a great sign relative to the average over the last month.
So far so good. But still have to take it a day at a time.
Daily MACD is initiating a bullish crossover today and if you look at the super long term chart you will see that Quarterly MACD is also initiating a bullish crossover for the first time in many many years. That is one of several reasons why I am classifying this as a position trade.