Entremed (ENMD)

[SyndicateMM]

Haod-




Whether 1 penny or 1 dollar, a breakdown is a breakdown. It might not cause major financial damage(though it could), but discipline suggests that full defensive tactics be in place. The chart is now short, intermediate and long-term bearish (weekly chart). Yesterday's candle pretty much sealed the fate and today's increased volume cinched the deal. I'm looking for a move to around 2.50-2.55 before a bounce. Bounces at this point have to be considered with a jaundiced view until certain levels on the upside have been taken out to remove the bearish posture. I will try and post a more detailed TA this weekend.

Usual disclaimers apply!

Best Regards-
Syndi