(Check out exclusive PRO Talks with Carter Wirth, where he talks about his methods.) Viking Therapeutics (VKTX)… 8-month standoff is over. After soaring to $100 in mid-February, Viking Therapeutics has fallen about 40% over the next eight months, but is now coming back to life. Two identical charts below: Converging trend lines…also known as a symmetrical triangle chart pattern, represents the stalemate of the past eight months. As the stock works toward the top of the formation, there is a series of well-defined lows and lower highs. And now the stock price has risen, broken out of the formation, and started rising. A bullish solution to a chart pattern, a bullish solution after a period of equilibrium where bulls and bears are evenly matched and stocks trade in increasingly narrower and narrower ranges. As for where we think VKTX is heading…our price target is the high of the former, at the $100 +/- level. -Carter Braxton Worth Become a member of worthycharting.com for actionable recommendations via email and nightly live video. Disclosure: (none) All opinions expressed by CNBC Pro contributors are solely their opinions and do not reflect those of CNBC, NBC UNIVERSAL, or their opinions. It may have been previously disseminated by our parent company or affiliates on television, radio, the Internet, or another medium. The above is subject to our Terms of Use and Privacy Policy. This content is provided for informational purposes only and does not constitute financial, investment, tax, or legal advice, or a recommendation to purchase any security or other financial asset. The content is general in nature and does not reflect your unique personal circumstances. The above may not be appropriate for your particular situation. Before making any financial decisions, you should strongly consider seeking the advice of your own financial or investment advisor. Click here for the full disclaimer.
