Ionis Pharmaceuticals, Inc. IONS is a biotechnology company that specializes in discovering and developing RNA-targeted therapeutics. I have a BA degree so this science is way above my pay grade. The stock's charts are right in my wheelhouse, though.
Let's check out IONS.
In the daily bar chart of IONS, below, I can see that the shares have broken their downward path and launched an uptrend. The shares are now trading above the rising 50-day moving average line and above the slightly declining 200-day line.
It looks like the trading volume has increased since the middle of February. The On-Balance-Volume (OBV) line has risen from the middle of March, telling me that buyers of IONS have been more aggressive than sellers. The Moving Average Convergence Divergence (MACD) oscillator is bullish.
In the weekly Japanese candlestick chart of IONS, below, I can see that the shares made a low in late 2021 and a higher low in March of this year. Prices have rallied above the 40-week moving average line.
The OBV line shows improvement from April. The MACD oscillator is crossing to the upside for an outright buy signal.
In the daily Point and Figure chart of IONS, below, I can see that the shares have reached and exceeded an upside price target in the $39 area.
In this weekly Point and Figure chart of IONS, below, I used a five-box reversal filter, which projects an upside price target in the $54 area.
Bottom-line strategy: Traders could go long IONS in the $41-$40 area. Risk to $38.50. The $54 area is my price target.
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