Tuesday, September 20, 2011

$AMRN: Very close for the next move

We can see the price consolidation during the last month, the price found a base and support @ the horizontal support line $9.66$ bouncing from the support last month and creating an uptrend wedge (cyan lines).

Now the price have a big resistance and trying to breakup the downtrend line (huge downtrend channel) that using as a resistance line (white) since  05/31 @ the high $19.87

The RSI and the MACD are in a positive divergence too, convincing me that the breakup is very close.

Disclosure: Long $AMRN

Daily Chart

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