A NUMBER OF BIOTECH STOCKS FORMED INSIDE BAR ON WEEKLY CHART MONDAY. CONSOLIDATING NEAR HIGHS. LOOK TO BUY SUPPORT LOWER CONSOLIDATION ZONE OR WAIT FOR BREAK OUT FROM UPPER CONSOLIDATION ZONE. WATCH OUT FOR RESISTANCE/MELTING CANDLES NEAR FIBONACCI EXTENSION LEVELS.
SL @ 92.00/90 Moving turning UP, Breakout with long white marubozu,
Not sure why Tradingview is not allowing me to put in all my comments. . . Pullback Status: Avoiding taking long Point system: 1 = meets criteria, 0 = fails or not applicable Total points: 6/10 Cost basis: Stop: First price target: Technicals: Horizontal S&R: 1 Channel S&R: 0 MA S&R: 1 Pearson's R >= 85: 1 Price within Fib Ret..62:1 Stochastic...
It seems that the pressure of EMA 200 proved to be stronger than the resistance of MA 200.
After stock bounced from resistance that is intact since May 2013 and broke down upper level support @ $76 with strong follow through to November lows. Now, it is flagging near lows in front of support. With weak Biotechnology sector and market sitting on resistance it could be start of another down leg. Enter short @ $63.80 Stop above 21 MA @ $66.83 Target...