Best Penny Stocks to buy and watch in April 2020 : SNY
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Date of the Release : SNY
FDA date of approval - 25th of April
What’s the real story :
The beauty of Penny stock that I trade in particular , They are ALL pharmaceutical companies. The AMAZING part is 90% of...
Sanofi produces Plaquenil, and Quinoric (en.wikipedia.org)
"On 16 March 2020, advisor to the French Government on COVID-19, Professor Didier Raoult, announced that a non-randomized unblinded trial involving 24 people from the south east of France supported the claim that hydroxychloroquine was an effective treatment for COVID-19. The trial is yet to be...
Sanofi is currently in an uptrend, with a bump and run present, a triple top and a new support formed from the mirror resistance level. A bull flag formation would be indicative of a trendline break.
SNY has experience two bump and runs throughout the course of its listing. Will a third follow? If so will it be immediately or will further trend strengthening occur. The bump and runs also resulted in two triple tops.
Sanofi has developped a head (h) and shoulders (s1 and S2) pattern from 2013 to 2018. During 2018 a strong pullback has been observed to the resistance R. If the pattern is confirmed, price will begin to decrease in the coming weeks.
Objective 1: 68€ (the neckline)
Objective 2:50€
Sanofi after several tries broke its cup & handle formation a successfully retested it. It seems to be also forming a reverse H&S.
Stop: 74.60
Targets: 85.60 / 92.90
Sanofi shares have been plummeting because of lowering net income, disappointing return on equity and performance in the stock itself.
However, market was overreacting and short-term bullish reversal ought to be considered.
Despite the undeniable bearish momentum, the €63.50 support is a mayor player in Sanofi. It is likely that a rebound towards at least the €68 zone occurs during the next weeks. A second likely bullish target is €71.95.
Good luck fellow traders
