Based on good technical signals, IONIS PHARMACEUTICALS INC is potentially setting up for a breakout.

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.

In-Depth Technical Analysis of NASDAQ:IONS

ChartMill assigns a Technical Rating to every stock. This score, ranging from 0 to 10, is updated daily and is determined by evaluating multiple technical indicators and properties.

Overall IONS gets a technical rating of 9 out of 10. Both in the recent history as in the last year, IONS has proven to be a steady performer, scoring decent points in every aspect analyzed.

• The long and short term trends are both positive. This is looking good!
• When comparing the yearly performance of all stocks, we notice that IONS is one of the better performing stocks in the market, outperforming 86% of all stocks.
• IONS is part of the Biotechnology industry. There are 608 other stocks in this industry. IONS outperforms 79% of them.
• IONS is currently trading near its 52 week high, which is a good sign. The S&P500 Index however is also trading near new highs, which makes the performance in line with the market.
• In the last month IONS has a been trading in the 47.93 - 51.89 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

Alongside the Technical Rating, ChartMill assigns a Setup Rating to evaluate the consolidation level of a stock. This rating, ranging from 0 to 10, is updated daily and considers various short-term technical indicators. The current setup rating for NASDAQ:IONS is 9:

IONS has an excellent technical rating and also presents a decent setup pattern. Prices have been consolidating lately. There is very little resistance above the current price. There is a support zone below the current price at 49.88, a Stop Loss order could be placed below this zone. We notice that large players showed an interest for IONS in the last couple of days, which is a good sign.

How to trade NASDAQ:IONS?

One way to play this would be to wait for the actual breakout to happen and buy when the stock breaks out above the current consolidation zone. A possible place for a stop loss would be below this 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.