By: Zev Spiro
Perrigo Co. (PRGO) recently broke out of a bullish continuation inverse head and shoulders pattern that is indicating a minimum expected price objective of 78 dollars. Currently, the price is consolidating the recent breakaway gap close to all-time highs, and may provide a low-risk/high-reward buy opportunity on a pullback to support. The two important support levels to monitor for a low-risk entry are: 1) a pull back or sideways consolidation to the minor rising trendline and 2) a pull back to the neckline, at 68 dollars.
The daily chart of PRGO below illustrates the recent breakout, different signals that helped confirm the move above resistance and levels to monitor for a low-risk buy opportunity. Target: $78, Protective Stops: trigger on a daily close below 67.
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*DISCLOSURE: No position
This material is being provided to you for educational purposes only. No information presented constitutes a recommendation by T3 LIVE or its affiliates to buy, sell or hold any security, financial product or instrument discussed therein or to engage in any specific investment strategy. The content neither is, nor should be construed as, an offer, or a solicitation of an offer, to buy, sell, or hold any securities. You are fully responsible for any investment decisions you make. Such decisions should be based solely on your evaluation of your financial circumstances, investment objectives, risk tolerance and liquidity needs.
