Bullish Pennant Forms For This Pharmaceutical Stock

This biopharmaceutical company. It engages in the identification, development, commercialization, and distribution of therapies to people living with rare diseases. The firm’s products include Chenodal, Cholbam, and Thiola. Take a look at the…

1-year chart of Travere (NASDAQ: TVTX) below with the added notations:

Chart of TVTX provided by TradingView

TVTX had fallen sharply in the spring before moving into a sideways chop. After that, the stock shot higher in August and has since been consolidating within a bullish pennant pattern. The pennant’s trendline resistance (green) and $26 support (yellow) can be seen on the chart below. A break through the topside of the pennant could mean a test of the 2022 high.

The Tale of the Tape: TVTX is consolidating within a pennant pattern. A break above $28 area should lead to higher prices, thus a long trade could be made.

Before making any trading decision, decide which side of the trade you believe gives you the highest probability of success. Do you…

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