Mersana Therapeutics, $MRSN, looks to potentially be forming a flag pattern. It doubled from $10 to $24 in late May. Over the past six weeks, it has been consolidating calmly. This is impressive due to the major gain it has made in such a short amount of time. Usually, I don't take trades that are flag patterns since the stocks are usually extremely extended. However, in this raging bull market, I'm more inclined to look at a setup like this. The key is to gauge the market and see what is working. With proper risk management and the use of a stop loss, the reward to risk is worth it in my opinion.
Full Disclosure: Mersana Therapeutics is a stock I currently own.
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