Allergan (AGN) Long

Allergan stock has been volatile since the merger with Pfizer was abandoned due to Tax Inversion laws back in April 2016. After a April-August Pattern was successful in predicting a downtrend, there has been an emergence of a bullish pattern . Looking purely at technical's I see the stock hitting the 0.236 fib retracement before the earnings call scheduled for 2nd November. I would then look for a rebound up towards the trend line to the 0.382 fib retracement; and if that is broken then I would look for it to test the July highs at fib 0.618. When you take into account the fundamentals, and the companies trend of positive earnings surprises I believe this stock shows potential.


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