Amarin Corp Plc (AMRN)

[FishyFingers]

I posted this chart on the 15th....



And here's today's daily chart with the accompanying predicted "test" bars....



1. This is a test. Up it went to a high of 3.57 and then selling volume came in and down it went. The big difference this time compared to the other times prices probed this zone was that the volume was significantly lower this time round. Average daily volume was 2.2m and the daily volume was only 2.3m. The last time prices were rejected at this price level the average volume was 3.1m and the daily was 4.4m. And the time before that the average volume was 3.3m and the daily was 6.1m. This extra volume is supply (selling), and it is what prevents higher prices.

2. This bar closed up suggesting that any selling volume seen on bar 1 was absorbed by the smart money.

3. Today's price bar. Another "test". This bar is a beauty and is exactly what i was waiting for - a "no demand down bar". Prices were again marked up early morning into the selling zone, to a high of 3.58, testing the market to call any remaining bears out from the woodwork. Average daily volume is 2.0m and the volume today was a mere 1.3m. What this is telling you is that there is precious little supply left in this price zone (ie precious little resistance left to prevent higher prices). The fact the price closed down for the day, relative to bar 2, on such low volume adds to the strength and bullishness.

Watch out above folks. Looks to me like the smart money is done accumulating and is ready to start marking the price up. But first things first, a close above 3.65.

This is all obviously all my own interpretation and opinion. Now, let's see how accurate it is.