Like many biotechs, this one has made giant rally in the last 3+years. but it also shows a topping pattern this year.
To my eyes,it does look like it has topped in the past year and making this pullback now, could be a healthy pullback if the fundamentals are all good. but the chart patterns I'm used to watching with Elliott wave might look at this chart and say we have one more pullback downwave to go in this pattern.
Theres some interesting things to see on this chart. Right now is a key time in the price action as the 50ma and20 ma converge here at 179. this could be a Resistance line that if it doesnt break thru now, could reverse and try to retest the bottom zone, the 200ma is a target there.and shoulder support base around 120 area.
Overhead is a resistance shoulder around the 180-190 area so that resistance zone is right here.
closer view...
Megaphone pattern at the top(higher high and lower low in the recent waves)
Like most biotech stocks and their indexes,its been a Big rally for the past 3+ years. but I think that 200ma is still in play as a pullback target again.
the Fibonacci tools and elliott wave I think they are suggesting a middle zone here around 175 but its also a critical balance point, with the 50ma/20ma as the magnet zone. the Fib retraces have all come to this sensitive point 165-175-185 area that needs to hold for rally momentum to make new upwaves continue. and below this would favor the 200ma as a target. This whole price zone is at a topping shoulder zone in the big picture. The chart has a few of these bearish aspects,like the shoulder zone is where the Resistance can roll over and go down again.
The key bullish line is around 170 and has Failed several times.
A Range Pattern would have the 200ma and the zone extending to 120 as a Bottom range in play.
This chart will be interesting to watch right now as price bangs up against the Key 20ma/50ma at the sensitive 175 balance area.
News 
Market Data 
Discover 
