Exelixis has come to a stop after many months of upward movement, it is now consolidating around 52 week highs, and I am looking for a short opportunity on a large pullback.
Reasons:
- Class A bearish divergence on the weekly & daily chart (RSI, MACDL) + Acc/Dis (Daily only)
- Accumulation/Distribution line has dropped below the 9EMA on the daily chart. The past
two times this occurred the stock had a +10% pullback to the 20EMA
- Overbought on the RSI, and has crossed below the 70 line after being above it for a significant
amount of time. The past two times this occurred the stock also had a +10% pullback to the
20EMA
Going short with a break of the ascending trend line, with a price target around $19.30 or the 20EMA.
Reasons:
- Class A bearish divergence on the weekly & daily chart (RSI, MACDL) + Acc/Dis (Daily only)
- Accumulation/Distribution line has dropped below the 9EMA on the daily chart. The past
two times this occurred the stock had a +10% pullback to the 20EMA
- Overbought on the RSI, and has crossed below the 70 line after being above it for a significant
amount of time. The past two times this occurred the stock also had a +10% pullback to the
20EMA
Going short with a break of the ascending trend line, with a price target around $19.30 or the 20EMA.
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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.