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Joe Gantoss
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Technical Analysis & Japanese Candlesticks Trader as a full time job, over 15 years of experience, combining with fundamentals and thorough DD to find the best entry & exit points, Biotech sector expert, following this sector for over 4 years, trading the clinical catalyst &... More
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JoeBioCharts
  • $CLSN Technical Analysis: Found the support, now the reversal starts  0 comments
    Aug 16, 2011 10:18 AM
    $CLSN enjoyed from a lots of hype and love from the Biotech investors lately, but also suffered from a big drop the same as all the biotech sector after the big sell-off  in the US markets, despite the good PR about the completion of enrollment of 600 patients.
    The big drop find a good support @ the weekly horizontal line $2.71 touching and breaking out the line 4 times but always close above it, giving us the feeling that this point is a good support, beside the 200MA in the area using as resistance and support.
    The RSI & the Stochastics are deep in the oversold zone changing the direction of the lines and preparing for a runup.

    I think, we can see the price in an uptrend as more as the markets do so, The first point that used as a resistance several times is $3.10 and did so today. we have to see the break out that point with a larg volume too to ensure the trend and direction.
    It's important to feel the markets move, as if the markets turn positive, CLSN will have a wild run back to the last heights...as the investors will be back to the market and to the loved and preferred Bio stocks.

    Disclosure: Long CLSN
    For more TA and charts visit joebiocharts.blogspot.com/

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