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
