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| Allergan PLC. |
This stock had a strong build up into the highs of $330 before tapering off and falling back into line of trading normalcy without running away with itself. The pullback down to $195 is a unique figure in the formation of the uptrend to come.
It's previous struggle at around this level during the momentous runaway does stand out as an oddity but also laid the support for the present pullback to easily find assistance in curbing the seller's enthusiasm.
There looks to have formed a fairly large inverted cup and handle pattern that's dominated the chart for the last six months.
Given that the above chart has been taken on a Monthly basis, the anticipation of a break to the downside would've wrote this stocks fortune but not this time.
A strong bounce off $195 and the proceeding rally close to the highs of the handle does leave bears feeling vulnerable at present.
The change of polarity in both the 13 day moving average and the RSI gives impetus to the bulls to take things higher from here with the first target being a close above $260.
From here it's likely that this stock could rally all the way up to $430 in a short amount of time and considering the P/E ratio lies just above 6.5, there's more space for movement than one thinks.
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