Amarin Corp Plc (AMRN)

[Anonymous Fish]

SonamK, thanks for the message, nice to hear from you again!

Here's my TA interpretation for AMRN based on a daily price chart.




I'm very wary of those two gaps. The one below is to 16.91 between bars 1-2. I know that there is strength in the background but I also know that there is weakness so something has to give. Because of the no demand for higher prices on bars 8 and 9 I see prices going lower. The 200MA is around 18.00 so prices should go at least as low as that. 18.00 isn't too far off 16.91 so I can easily see them slamming the price down to the high 16's to fill the lower gap. This serves the dual purpose of catching out anyone with tight stops and also any weak holders who bought in the 20's on the run-up to the ADCOM. Some analyst/'journalist' will likely release some garbage price estimate or uber bear thesis and they will slam rices down on the back of that. It should be a wide spread down day to panic people and prices should recover then to close the day back in the 17's. Prices will bounce around a range in the 17-19 area for a while then before they take it back up in mid-December to close the other gap above up to to 22.73 between bars 6-7.

All that volume up around 23-25 has created big resistance to higher prices so I dont see prices going higher than around 23-24 pre the FDA label announcement. Once announced and if positive, prices can then be marked up and over the resistance. The marketmakers know exactly where the resistance levels are, and so do I. A 50% mark up takes you into the 30s which is the perfect price range for a BO offer in the 40-50s wouldnt you agree?

I could be wrong of course and the prices could be marked up sharply to close the gap above at 22.73 next week, but if they do that the up move will be very short-lived because weak holders and tight stops still need to be wiped out below.

So take your pick but one way or another i predict much lower prices in the near future before a recovery. My buy order will be ready and waiting at 16.90.

All of this is my own interpretation. Im just a dude with a laptop trading for himself. I dont work for anyone. Take it or leave it.