AMGN from the Briefing.com gapper list was just one of many weak biotech stocks today (CELG - 52 week low).Tweezer top reversal at the base of the ORH, plus pressure from the downsloping 20 ema, set up a perfect, low risk short. Unfortunately, the round $ number $50.00 was a strong support level.
2 comments:
Jamie,
How about that celg -2/5" inverted hammer? a good play, have you seen that set up often?
Thanks
BL,
I was watching CELG on both 5 and 15 but moved too fast for me. I was hoping for some consolidation in the form of sideways inside bars at least on 5 min. but didn't happen so I passed. 2/5 inverted hammer - not familiar with that setup unless the 5 ema touches the top of the inverted hammer. In the case of CELG 5 ema too far away IMO. Congrats if you made money on it :)
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