SGEN: High Risk, High Reward Opportunity?

Seattle Genetics, Inc. (SGEN) stock suffered a major fall on 27 December that landed price right on the lower boundary of a rising channel that’s been holding since February 2016. This would be a bit of a contrarian play, as many folks think the stock’s price is going to plunge lower, but I would consider opening a position here if the price rises above yesterday’s close of 52.36 and a stop below the day’s low of 51.63. There is a very good chance that the price will break down out of the channel and that you will be stopped out, but there is also a great potential opportunity here.

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