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Trade Setup Celgene Corp. On Rising Wedge

Interval: Daily

trade-setup-colegen-corp-on-rising-wedge-08.04.2013

Celgene Corporation(NASDAQ: CELG) is a global bio pharmaceutical company engaged in the discovery, development and commercialization of therapies designed to treat cancer and immune-inflammatory related diseases.

The share price rallied 54 percent from 1st of January 2013 until now, hitting a high at just 1 dollar under $120 per share. This uptrend has made new highs on low volume and in the same time made a negative divergence with the 28 RSI.

Looking at the price action we will also observe a Rising Wedge. If it will be confirmed by a drop under the lower line of the pattern, the price might fall back to 102.80, where it will find the 38.2 Fibonacci retrace. A signal might be given by the RSI, if it will fall under the triangle lower line, before an actual breakout in the price action.

Confirmation Level: 114.43

Target Level: 102.82

Stop Loss 119.55

Trade Setup Celgene Corp. On Rising Wedge by
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