Novo Nordisk (NVO) is basing after an extreme drawdown — the stock ran from ~$40 to ~$150 through 2024, then gave nearly all of it back in a sharp decline back to the low $40s on GLP-1 competition and trial-data pressure.
Price just printed an +11.30% weekly reversal candle, closing at 48.07, and the pattern detector has flagged the recovery structure off the bottom as a Bullish Pennant.
Setup — Weekly Bullish Pennant
Entry: 49.96
Stop: 24.83
Target: 150.49
Risk:Reward: ~4R
R:R Quality: 80% | Pivot Depth: 100% | 26 bars since the pennant break
Price is sitting just under the 49.96 trigger after this week's reversal candle — not yet confirmed above the entry line.
Momentum
The custom ML RSI is climbing out of the high-30s/low-40s zone with a rising trendline under the recent lows, supporting the base-building thesis alongside price.
Invalidation
A weekly close back below the 24.83 stop invalidates the pennant thesis and would suggest the downtrend is resuming rather than basing.
Bias
Bullish above 49.96 confirmation, targeting a measured move back toward 150.49. This is a multi-month, high R:R swing setup — not a quick trade.
This is technical analysis for educational purposes, not financial advice. Do your own research and manage risk accordingly.
Price just printed an +11.30% weekly reversal candle, closing at 48.07, and the pattern detector has flagged the recovery structure off the bottom as a Bullish Pennant.
Setup — Weekly Bullish Pennant
Entry: 49.96
Stop: 24.83
Target: 150.49
Risk:Reward: ~4R
R:R Quality: 80% | Pivot Depth: 100% | 26 bars since the pennant break
Price is sitting just under the 49.96 trigger after this week's reversal candle — not yet confirmed above the entry line.
Momentum
The custom ML RSI is climbing out of the high-30s/low-40s zone with a rising trendline under the recent lows, supporting the base-building thesis alongside price.
Invalidation
A weekly close back below the 24.83 stop invalidates the pennant thesis and would suggest the downtrend is resuming rather than basing.
Bias
Bullish above 49.96 confirmation, targeting a measured move back toward 150.49. This is a multi-month, high R:R swing setup — not a quick trade.
This is technical analysis for educational purposes, not financial advice. Do your own research and manage risk accordingly.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.