$CELG

was asked to take a peak at CELG …

some things to consider:

  • note the “long term” LOG trend line that was broken.  that, in and of itself represents a breakdown or loss of strength in the underlying trend. IT DOES NOT mean it can’t go higher, it just means that the acceleration/growth has dissipated.
  • the 93-96 area is MAJOR support here
    • note the size of the candle that hit in late August – that’s some support
    • also, note the REASON for the support area at 95.841 – it did an exact square root correction and only close below that level once
  • as for patterns, nothing jumps out at me on the daily time frame.  a base of support getting read to launch a vertical attack up is conceivable but, for now, nothing CLEAR to me.
    • a case can be made that the reaction from late August 2015 is a year long triangle in the making and if we fail lower “here or a little higher” then down she goes.

Overall: I’m neutral as the bulls/bears are locked in any number of ways.  Caution Will Robinson.

Hope this helps dude … Beat Army, always.

Bart

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