Trial Data offers Pennant/Flag breakout opportunity in PRN/PRFMF

Profound Medical, a Canadian medical device company, traded on the Toronto Stock Exchange under the symbol PRN or PRFMF on the US exchange, has provided a nice Bullish Pennant/Flag formation. The pennant formation has formed over the last two months and broke out this morning on heavy volume, in reaction to its Phase 3 prostate cancer trials. Bullish pennants usually require heavy volume on the breakout, which we are seeing today. Additionally, the price target for bullish pennants are usually established by the flag pole height, which in this case is roughly .42, which would put the expected price target just under $1.25.