2waytrading

Bullish Continuation Wedge

BATS:ARNA   Arena Pharmaceuticals, Inc
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Early January, we recommended to wait for long entry at $7.8-$8 which we did last week. Now price formed what looks a continuation bullish wedge which has a measured move to $12 but it may take several months to achieve that target price and requires patience as we waited this entry after price achieved previous target price. If you decide to take long and not already in this trade, make your stop loss at recent swing low $7.8 area with target price $12. Join us http://www.woowtrading.net