$CELG Celgene long term chart looks to be in a clear downtrend. With a 50d/200d ema death cross on the weekly chart back in May and an inability to break through the 50d ema line in late August, (barring a significant earnings beat next week) I'm expecting this downtrend to continue into the final months of the year.
Adding to the bearish sentiment, we saw some notable put buying today with $20M+ of deep in-the-money Jan'19 puts traded - about 5,100 contracts for an average price of about $4,400.
On the daily chart there is a 5 year-old un-filled gap from mid-2013 around $62.50. I'm targeting this mid-60s area by Dec-Jan time frame.
Note: Informational analysis, not investment advice.
Adding to the bearish sentiment, we saw some notable put buying today with $20M+ of deep in-the-money Jan'19 puts traded - about 5,100 contracts for an average price of about $4,400.
On the daily chart there is a 5 year-old un-filled gap from mid-2013 around $62.50. I'm targeting this mid-60s area by Dec-Jan time frame.
Note: Informational analysis, not investment advice.