Coherus Biosciences is showing many signs of a bullish reversal, as well as heading into that direction. CHRS Daily Chart(click to enlarge)Price Bottom:- Starting from the $32 a share price back in September 2016, we have been seeing a downtrend.- Price came down to $8.00 by the end of 2017. - However, we can see now that price action was actually forming a triangle consolidation.- Eventually by May 2018, price started to percolate and broke above the triangle resistance as well as a falling trendline.- It has since been holding above the 200-day simple moving average (SMA).- Also note that the RSI has pushed above 70, came back but held above 40. This dynamic reflects maintenance of the bullish momentum. Bullish Breakout Confirmation:- After the breakout price has been in consolidation.- The fact that price stayed above the triangle was a good sign for the bullish reversal scenario. Then, the 7/18 session candle further confirmed the bullish breakout by making a new high on the year near $18.00.- It looks like price is heading to $20.00 soon. - The bullish reversal outlook has the $32 high in sight in the medium-term (months).Upside:- We noted the $32 target. This is somewhat aggressive, but is very much possible. It would represent the resistance area of a range.- The more conservative target would be around $23, kind of the middle of price action over the past couple of years. While this is a reasonable target, it might be leaving some upside on the table. It is more likely that price will overshoot and then eventually regress back towards $23 after tagging $30 for example.- So, I think a conservative target would be more like $29.50, while the $23 area is the conservative target. CHRS Weekly Chart(click to enlarge)