Technical Insights for IONIS PHARMACEUTICALS INC (NASDAQ:IONS): Is a Breakout Imminent?

A possible breakout setup was detected on IONIS PHARMACEUTICALS INC (NASDAQ:IONS) by our stockscreener. A breakout pattern is formed when a stock consolidates after a strong rise up. We note that this pattern is detected purely based on technical analysis and whether the breakout actually materializes remains to be seen. It could be interesting to keep an eye on NASDAQ:IONS.

Deciphering the Technical Picture of NASDAQ:IONS

ChartMill employs a sophisticated system to assign a Technical Rating to every stock in its analysis. This rating, which ranges from 0 to 10, is determined by carefully assessing multiple technical indicators and properties.

We assign a technical rating of 8 out of 10 to IONS. Although IONS is only a medium performer in the overall market, the technical picture looks good in both the medium and short term time frames.

• The long and short term trends are both positive. This is looking good!
• IONS is part of the Biotechnology industry. There are 611 other stocks in this industry. IONS outperforms 87% of them.
• IONS is currently trading in the upper part of its 52 week range. The S&P500 Index is also trading in the upper part of its 52 week range, so IONS is performing more or less in line with the market.
• When comparing the yearly performance of all stocks, we notice that IONS is one of the better performing stocks in the market, outperforming 90% of all stocks. However, this overall good ranking is mostly due to the recent strong move.
• In the last month IONS has a been trading in the 43.40 - 48.75 range, which is quite wide. It is currently trading in the middle of this range, so some resistance may be found above.

For an up to date full technical analysis you can check the technical report of IONS

How does the Setup look for NASDAQ:IONS

ChartMill also assign a Setup Rating to every stock. With this score it is determined to what extend the stock has been trading in a range in the recent days and weeks. This score also ranges from 0 to 10 and is updated daily. The setup score evaluates various short term technical indicators. NASDAQ:IONS scores a 9 out of 10:

IONS has an excellent technical rating and also presents a decent setup pattern. Prices have been consolidating lately. There is a resistance zone just above the current price starting at 47.99. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 44.59, a Stop Loss order could be placed below this zone. Very recently a Pocket Pivot signal was observed. This is another positive sign.

Trading setups like NASDAQ:IONS

For a potential trade one would typically wait until the stock breaks out of the consolidation zone to enter the stock and it could be sold again for a loss when it would fall back below the zone.

Of course, there are many ways to trade or not trade NASDAQ:IONS and this article should in no way be interpreted as trading advice. The article is purely based on an automated technical analysis and just points out the technical observations. Always make your own analysis and trade at your own responsibility.

More breakout setups can be found in our Breakout screener.

Disclaimer

This article should in no way be interpreted as advice in any way. The article is based on the observed metrics at the time of writing, but you should always make your own analysis and trade or invest at your own responsibility.