Just a reminder from my last TA :
As we are in a bearish markets, any large decline in the markets might put pressure at the price of CLSN too, so in the other side we have to watch the support line @ $3.50 and the 50MA...sliding below those points would cancel the bull pennant pattern.
The price breakdown those support points starting with the $3.50 then the 50MA and the well known $3.10 point...we can see the price just sliding down and touching the downtrend line (brown line) all the way down.
The new support is the 200MA that used several times in the past as a real support, we can see the price action around the 200MA bouncing up from it...Today we see a positive day with a green and bullish engulfing pattern, we can see the RSI just turning up, but need to breakup the 30 line...the same with the stochastics at the oversold zone...If the 200MA didn't hold so we can see the price heading to the next strong support @ $2.71 ...
If the problems with Greece and the European union have some positive news, so we can see the price running up to test back the $3.10 point...
keep watching closely...
Disclosure : Long $CLSN
daily Chart
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