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Tuesday, December 05, 2017 1:34:23 AM
Well in July it made a big gap up due to FDA approval, and the market is in the process of digesting those gains. The price has found support above that gap higher, but I think part of the digesting process is the chart working off shorter term traders that expect a more immediate return for their position.
These traders have a sense of urgency and don't want to deal with any temporary drawdown. They are looking for the gap performance to continue indefinitely, hoping the chart goes straight up in a linear fashion without any consolidation periods.
This causes somewhat a short term but manageable selling pressure because they will bail when the quick flip doesn't happen here, even more so if it worked in the past. That's probably the bull flag currently being observed on the chart. Once the chart becomes unappealing and a majority leave it should start to climb again. I think that this chart is uptrending but moves slower than people anticipate while still making good profits. Maybe early next year there will be more developments with the company that are also shown in the stock price.
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