Many people "bought the dip" to the 290-300 level from the $340 peak become the new supply here to check any advance. Those buyers are feeling relief after suffering a drop of 20% in a month, but now the psychology will be "Just let me out of this stock at Break-Even" thinking which will keep the stock from rising above this level for at least a few weeks.
The resistance level is clear in the volume pattern too where 295-296 is the zone with the most volume. That indicator is available to pro-subscribers.
Initial support will be in the low volume zones of 277-273 and then the high volume zone at 265-267. Ultimately I could see 254-252 being retested, but let's see how it acts getting there first.
288 last 4pm EST 10/2/2015
Tim
4:35PM EST 10/2/2015
Comments
A-shot
⋅
I like how you read in future on this :) and the levels
timwest
⋅
Thanks @2use - Very nice of you.
IvanLabrie
⋅
Seems to have slowed down.
SPYderCrusher
⋅
Allergan has had a huge run but fundamentally the business is untouchable - imv this stock is a perma long at the right price.
timwest
⋅
This trade entry literally missed by a fraction of a point -