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Bullish Pennant Forms For Travere Therapeutics (TVTX)

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Travere Therapeutics, Inc. is a biopharmaceutical company. It engages in the identification, development, commercialization, and distribution of therapies to people living with rare diseases. The firm’s products include Chenodal, Cholbam, and Thiola.

Take a look at the 1-year chart of Travere (NASDAQ: TVTX) below with the added notations:

Chart of TVTX provided by TradingView

TVTX had fallen sharply in the spring before moving into a sideways chop. After that, the stock shot higher in August and has since been consolidating within a bullish pennant pattern. The pennant’s trendline resistance (green) and $26 support (yellow) can be seen on the chart below. A break through the topside of the pennant could mean a test of the 2022 high.

The Tale of the Tape: TVTX is consolidating within a pennant pattern. A break above $28 area should lead to higher prices, thus a long trade could be made.

Before making any trading decision, decide which side of the trade you believe gives you the highest probability of success. Do you prefer the short side of the market, long side, or do you want to be in the market at all? If you haven’t thought about it, review the overall indices themselves. For example, take a look at the S&P 500. Is it trending higher or lower? Has it recently broken through a key resistance or support level? Making these decisions ahead of time will help you decide which side of the trade you believe gives you the best opportunities.

No matter what your strategy or when you decide to enter, always remember to use protective stops and you’ll be around for the next trade. Capital preservation is always key…

Good luck!

Christian Tharp, CMT

ATTENTION READERS!

Do NOT trade options until you watch this video:

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Christian Tharp

I am an expert stock market coach having helped over 4000 beginner and advanced traders & investors from around the world take control of their financial futures. I also write stock market related articles for the Adam Mesh Trading Group. My Chartered Market Technician (CMT) designation substantiates me as an expert in areas such as the technical analysis of stock trends, market indicators, cycles, price patterns, Elliot Wave principles, Candlestick charting, analyzing financial trends and behaviors, portfolio strategies, and forecasting future price movements. With my straightforward approach to simple, systematic trading, students learn how to strategically assess buy signals and market entry timing, establishment and management of stop losses, and how to employ a simple and disciplined trading approach that creates profits.

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