Chart update. Yes, I continue to be long and strong.
The Biotech index suffered a sharp fallout of a rising wedge pattern.
The selling was strong. How did all this selling affect AMRN price?
The rally from 10/24 low met resistance against the dn TL. Because prices held all week in a tight knot near the apex of a symmetrical triangle and the 50% retracement of the Aug – Sept. rally, it represents bullish absorption of selling. Thursday’s selloff produced a minor spring rather than greater weakness (near the up trendline), leading to Friday’s rally. The price close near the high for the week, near the apex and on top of the 50% fib retrace should put the squeeze on shorts next week.
I heard the North shore has had a huge surf lately 25-30ft waves. Scary.
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