Amarin Corp Plc (AMRN)

[FlyFishingStocks]

Oh my... another bearish pattern has developed.
Despite the enthusiasm on this board last week along with the 'hope' that resistance would be taken out and finally a bottom would develop, last week's price action managed to usher in a new weekly low since the first week of January.
To make matters worse, a new descending triangle has traced on the daily line chart.



Once again, WS scanners will pick up AMRN in the "new weekly lows" category. The bearish daily pattern sitting on top of the 1/6 breakaway gap makes this a juicy short trade with a very favorable reward/risk ratio.
That's the bad news.

As for good news... A $1.28 gap fill seems like a good place for Denner to act. A good target to cover if you are short. Timed with a positive PR, this could provide a nice pivot point that breaks further lows and sets the stage for his resurrection tour.

Previous management was inept at timing PRs. Perhaps Sarissa's TA skills will enable them to amplify price moves with strategic timing of PRs.