Short term view - CELGENE CORP : Pull-back
The trend has been momentarily interrupted by a correction. It approaches the resistance at $97.50, which also is the invalidation level. It should cause a fall and resume the bearish trend. The next target is at $83.10. The invalidation level is below $97.50.Arguments :
- Prices are pulling back to the major resistance level (previously a support). The fall will resume afterwards.
- The moving average is capping prices.
- The bearish gap has been tested, the fall resumes.
Celgene is a global biopharmaceutical company engaged primarily in the discovery, development and commercialization of therapies for the treatment of cancer and inflammatory diseases through solutions in protein homeostasis, immuno-oncology, epigenetics, immunology and neuro-inflammation. The company's primary commercial stage products include: REVLIMID?, an oral immunomodulatory drug; POMALYST?/IMNOVID?, a proprietary, small molecule; OTEZLA?, an oral small-molecule inhibitor of phosphodiesterase 4 for cyclic adenosine monophosphate; ABRAXANE?, a solvent-free chemotherapy product; and VIDAZA?, a pyrimidine nucleoside analog. In addition, the company provides other product sales and licensing arrangements.
DayByDay is an independent research company providing global macro and single stock analysis, recommendation and allocation based purely on behavioural finance methods. Those include long term cycle analysis, sentiment analysis, and technical trigger. DayByDay serves all clients in need of practical and precise publications to make effective market decisions, on any time horizon, from a few hours to a few years.
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