ARNA is heading lower but not exactly a bad thing.

ARNA closed below recent support near $8 today. I am expecting it to stall a couple of days then drop to the next major line of support. As can be seen on this chart, the longer price travels sideways here, the more older SMAs come into the picture. This will make moves north on this equity more and more difficult. The good news is we are creating a bit of gap now between the SMAs and the price as it moves south. Once the red line of support is reached , I am looking for a nice bounce off the red line of support back to the SMAs .

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