Each week at ChartSmarter we like to bring to a little insight into what we do on a daily basis. We have been at it for 5 years and we love doing it. Each night we detail 7 to 8 of our favorite ideas, both long and short, for the next days session. We do NOT have a chat room, nor are we active “tweeters”. We like our business growing by word of mouth. For those who would like to see a full copy of our Monday Game Plan, email me at chartsmarterblog@gmail.com.
All 4 of these names were examined in our Thursday 5/14 Game Plan one month ago. BIIB we still fell has a lot to say about where the overall biotech group is headed. CELG is dangling onto life support at its 200 day SMA as well. It came very close to the posted stop but was never hit on an intraday or more importantly CLOSING basis.
Stocks to be viewed as shorting opportunities are BIIB. BIIB is a best of breed biotech play higher by 15% YTD and 36% over the last one year period. It has ran into some stiff headwinds and now sits near bear market mode down 19% from recent all time highs. The stock is down 5 of the last 7 weeks with poor volume trends as the 2 up weeks came in frail trade. Since losing its 50 day SMA in heavy trade after its last earnings report which also was the first day of a bearish three black crows pattern it is down 10 of the last 14 sessions. Prior reports rose 10.2 and 11.2% on 1/30 and 7/23 and fell 5.4% on 10/22. Today it broke below a bearish rising wedge pattern with the round 400 number acting as resistance. Short into breakdown of pattern at 396.