$CLSN: Price consolidation

As I wrote on my last TA on Aug 31st CLSN had lots resistance points.

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

The price did retreat and check the $3.50 and find a good support with the 50MA (Blue Line) too, bouncing back and close above the $3.50 resistance line...we can see a price consolidation creating a Bullish Pennant pattern, while the $SPX found in a bearish mode....That's a bullish sign for $CLSN, and we can see that the volume decreased within the pennant sign for the consolidation.

Pennants are short-term continuation patterns that mark a small consolidation before the previous move resumes. These patterns are usually preceded by a sharp advance or decline with heavy volume, and mark a mid-point of the move.
Breaking up the upper line (white) will give us a technically move that we can calculate it as the flagpole length of about $0.75 that might take the price after the breakup to $4.50 at least, but we have to watch the volume...Volume should be heavy during the breakup, An expansion of volume on the resistance break lends credence to the validity of the formation and the likelihood of continuation.

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.

Disclosure: Long CLSN
Daily Chart