10-30 For those interested in buying support, especially know considering how short term extended things are these days. Its all about the blue line. It also helps define ones entry risk here. If buying here you are buying 20 points away from a support zone (thanks anyway I say). Given this issue is tagging a trend channel resistance zone? That is all the more...
10-28 What is so special about CELG here? See that red line? Its a form of resistance. For me it says don't get sucked into buying it here. The first thing I do when I look at a chart is? Ask where is support. I need to know (and so do you) what my risk is whenever I buy a stock. Support zones help you define your risk, meaning if I buy here and it pulls back...
One look at GILD (and CELG and IIB) are showing pretty much the same pattern that MAY be building. And yes its a bear channel that we'd like to see build out for shorting purposes. That and an upward move to some resistance zones shown, but the market is the boss and its going to do what it wants to do. The market is the boss not us. If the pattern builds out it...
As you can see this issue has broken its green uptrend to the downside. Now its all about whether or not this issue and those who look like it (CELG, GILD) build out bear channels (orange) and then break to the downside once they complete a bear channel. Later today I'll be posting more charts that look like these so stay tuned for more. These are not...
It's time for a pullback, a minor one, won't be more than 5%. It'll probably bounce from 155ish, complete the right shoulder, while the whole biotech sector taking a breather (BIIB jumped from 280 to 320, GILD climbed 20% in 2 months), then we'll make some all time highs.
CELG went into WITSEC last week due to the uncertainty surrounding its patent fight with Natco, the Markman hearing report came out today, I don't know much, well, anything about patent law, but ISI analyst Mark Schoenebaum, a very prudent and credible analyst in my opinion (helped me make a sht load of $ off GILD) said the result looked "OK", which is good enough...
This major cap biotech company borke its major support at $150. Now it acts like resistance. ENTERING with tier1 here with STOP above $150 and will ADD through $144 for a poential move to April's lows at $134-$136 (first TARGET) IBB (biotech ETF) looks very weak.