Amarin Corp Plc (AMRN)

[FlyFishingStocks]

iwanderer, Here's my TA take on the current situation.

Prices have closed within a .07cent range the past 3 days(C-E). The open and close has been within a .09 cent range over the past 5 days (A-E).

Prices broke the 20- and 50day moving averages (Dec. 12, green highlight) and have traded in a range above ever since despite stabbing down to test the 50day average 3 of the past 4 days (C,D,E).
In each of those instances, prices have closed above the midpoint of each bar to create a bullish wick.

This price action remains within the up trending channel, near the bullish 50% retracement of the Dec. high/low, and within the purple ‘Highest Volume by Price’ zone.

Though I expected a breakout sooner, I see no bearish price action since Dec. 9. Rather, I see solid signs of accumulation in the form of buyers absorbing residual tax loss selling as the year ends.

Upstrokes have drawn in 2x’s the volume as the pullbacks, resulting in higher highs/higher lows. There's no reason to expect anything different moving forward ...unless AMRN's own Kilauea decides to erupt overnight.

The good news is that when longer term bullish conditions exist (Bottom formation), prices can only trade sideways so long before striking rising support (up trendline) where buyers overwhelm sellers, leading to a reversal up (higher low). That is about to happen (1-2 days). When it does, the stock will likely pull away from the danger of sub 5.00/sh.

We may have to ‘watch paint dry’ and listen to more disappointed longs lament their losses over the next few days… BUT the volcano pattern is intact, and the rumbles have not gone away. We remain on high alert.

Best,
FFS