Wednesday, August 31, 2011

$CLSN Technical Analysis:RunUp with lots of resistance points

$CLSN had a good support level around the $2.71 point as my last analysis and start moving upward along with the markets correction, had a pause @ $3.10 point and the buyers push the price up again breaking up the important resistance point @ $3.50 but with a low volume !!!!

This area is very complicated, full of support & resistance points, the main resistance now is the uptrend line that used as a support for a long period, and these days change his role and might used as a resistance line (the green line) we can see that the price break out the line, but retreat and close below the line. We might see a correction and recheck the $3.50 line that supposed to use as a support line this time, one more point is the price went out from the upper Bollinger Band, and might get some pressure to get back inside the bands, in the other side, breaking out the uptrend line will find another resistance point @ $3.87
Keep watching this important levels, and the markets direction will help CLSN to follow too.

Disclosure: Long $CLSN

Daily Chart

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