Amarin Corp Plc (AMRN)

[FlyFishingStocks]

Who's in control of the future price of the stock?

This was a rough week for bulls. First they were tantalized by a 35% rally, and led to wonder if this is it... here we go... back to higher ground - - only to be disappointed by a sudden crash that printed an upthrusted false upside breakout.

This pattern has a characteristic behavior. On the heels of the exhaustive selloff, we see a feeble dead-cat bounce, followed by further selling down to a 52 week low.
The chart below shows the comparison of this current pattern with the one in August 2022.



Rarely do we see a strong rally before months of consolidation or until scary probes down to recent lows occurs first.

The bears clearly have control of Amarin's future. The down trendline has repeatedly produced a massive amount of shares for sale each time the line was approached. Tuesday was no exception.

That the stock is stuck in a narrow range on strong volume while the bio index enjoyed a nice rally today, does not bode well for what we are about to see.