As you can see on the chart above, BeiGene (Nasdaq: BGNE), a clinical-stage biopharmaceutical company, surged higher yesterday.
Shares were up as much as 3%. Even though this is just a clinical-stage company, it’s chart pattern is signaling for major upside.
That 3% pop just created a breakout of a descending triangle pattern.
My team of traders tell me that with triangle patterns, we can get an expected price target by taking the height of the pattern and adding that amount to the breakout point.
With the pattern having a height of $70 a share, that gives us a price target of $240 a share, about 40% above its current price.
Biotech stocks are volatile, but this chart is telling us to expect a surge to the upside.
Consider adding BGNE to your portfolio.
© Chart courtesy of Today’s Profits. All rights reserved.
