NGM Biopharmaceuticals, Inc. is a clinical-stage biopharmaceutical company. engages in the discovery and development of therapeutics for cardio-metabolic, liver, oncologic, and ophthalmic diseases. Its lead product candidate, aldafermin, is designed for…
the treatment of patients with non-alcoholic steatohepatitis, with liver fibrosis stage 2, 3, or 4.
Take a look at the 1-year chart of NGM (NASDAQ: NGM) below with my added notations:
Chart of NGM provided by TradingView
NGM has formed a rising channel pattern over the past few months. A channel is formed through the combination of a trend line support that runs parallel to a trend line resistance. When it comes to channels, any (3) points can start the pattern, but a 4th test or more help to confirm it.
The Tale of the Tape: NGM has formed a channel. A long trade could be entered on a pullback to the channel support, which is currently sitting just under $15. Short trades could be entered at channel resistance or if the stock were to break below the channel support.
Before making any trading decision, decide which side of the trade you believe gives you the highest probability of success. Do you prefer the short side of the market, long side, or…
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