Amarin Corp Plc (AMRN)

[FlyFishingStocks]

Zero chance? I thought you said you aim for 90%. Now it’s 100%?

(PS: I know you operate with about a 70% probability of success with your predictions. I aim for >90%. 70% isn't bad I suppose. Pays the bills)

I hate to throw a wet blanket on your euphoria but today's recovery merely back tested the area where the breakdown accelerated, and the pullup had no strength behind it.

Here is why I think your boiled over euphoria is a little late.
The chart below displays how the swings coincide with momentum reversals (pink and green boxes).


We saw a +27.5% surge from the latest low – not too shabby. Based on the recent price response to the upper trendline + the MACD, it appears as though the stock price needs to breathe (sell off) before it can take another stab at the top (BB just might get his chance to buy more).

The view on the intra-day chart makes today’s price action look like a dead cat bounce.


The stock is now faced with some major overhead resistance and if prices fail to push through and a subsequent rollover happens again, a nasty head and shoulders pattern will trace. Don’t get me wrong, I’m a big AMRN bull, just not throwing caution to the wind (took some profits) until it bleeds off some more selling before another green box appears.