2waytrading
Long

Diamond Bullish Bottom (Time to get long or Wait?)

NASDAQ:ARWR   ARROWHEAD PHARMACEUTICALS INC
190 0 0
Buyers were unable to keep their control though they have shown enough force last few weeks. Now it looks we have printed the bottom and ready to reverse upside from recent consolidation period or tight range. July's low $10.62 come after price fell from June high 15.73 with very light volume , and price kicked in upside with heavy volume which suggest institutions were buying and actually their ownership increased since July low. The Diamond Bottom pattern begins during a downtrend as prices create higher highs and lower lows in a broadening pattern. Then the trading range gradually narrows after the highs peak and the lows start trending upward. When the price breaks upward out of the diamonds boundary lines, it marks a significant reversal to a new uptrend. Target price: $19.50-$20 make your stop loss at recent swing low at $12.17. If you want to have a real time alerts check http://www.2waytrading.com
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