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Celgene: Classic Bearish Signs

Published 04/07/2014, 03:30 AM
CELG
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I wrote this out for a friend of mine, and thought others might benefit as well:

Celgene Corporation (NASDAQ:CELG) - Price rises up, hits $165 and reverses creating a resistance point at $165.
CELG

Price then tests $165 by breaking through, and forms another resistance point at $170. A small range forms from $165 to $170.
Chart 2

Price breaks through twice forming a double top- a classic bearish sign.
CELG

Price breaks though the $165 Support/Resistance point, completing the double top pattern.
Celgene

Price reverses again, climbs up to the $165 resistance point, bounces off several times, and heads down again. Another classic bearish sign.
Celgene

Price was in a range between $150 and $165. Now forming potential range of about $132 to $150.
Celgene

Price currently in downtrend heading toward support at about $132. Volume is still high, so the downward momentum does not seems to be slowing down.
CELG

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