Risky play but the setup is beautiful! This is my take as of market close today. If there is a hard move down below my stop loss, I will not enter this trade . This one is risky because it can break either way because it's been consolidating for a very long time... from a technical standpoint, it seems like it will break upwards but we need to see how it plays...
If you look at my previous FLXN idea, I called the short from around $20 to $9 using classical charting techniques. I am now calling the bottom on that trade. It looks like a textbook Adam and Eve double bottom. If you analyze the tape a bit more, you can see accumulation going on in the $11-12 dollar range with anything under $11 clearly being bought back up....
Got picked up at 10.58 in morning session. Looking good so far. T1 outlined on chart.
FLXN reaching a 100% retracement of the run-up from last year. A huge short play could be in the making if it cracks under 19.05 and holds. I would wait for confirmation, but we could see a measured move down equal to the length of the pattern (32.25-19.05 = 13.2) While I don't think $6 is realistic, I believe that you may be able to cover in the low teens or high...
From a purely technical standpoint it looks like $FLXN will range until October before this ascending triangle converges. Of course the announcement the company getting acquired can make the 11 million + shorts close but if an extraordinary event like that does not happen with the next few months, this stock will break out upwards. If you are want you can trade...
FLXN blowing thru resistance coming up on earnings CC next Monday 7/10. Looking very strong but not confirmed until today's candle closes above resistance and full candle opens and closes above 22.18 resistance tmrw. If it does, think that's a solid buy signal as I don't see much resistance from here to 26s & if they're on track for FDA approval of knee drug end...
FLXN is a possible flag formation. It seems a very strong flag formation, and in breakout it can go above $34 * Trade Criteria * Date first found- March 27, 2017 (intraday) Pattern/Why-Flag Formation Entry Target Criteria- Break above $28.53 (hit March 27, 2017) Exit Target Criteria- $34.37 Stop loss - $25.47 Please check back for Trade updates. (Note:...