Unless there is a large move up, could drop below the cloud for only the second time since REDUCE-IT release. This may draw back toward SMA20 currently at $14.59. Now SP is below SMA50. Cloud turning green to red also points to change in trend. Very labile to overall market sentiment as well.
Amarin corporation has experienced a large sell-off recently, but still remains to look quite strong from the big timeframe perspective. Considering a modest positive sentument which drives the market, it may generate a pullback with further testing of 23 area and above.
I think we have witnessed The A and the B part of the correction for the impulse wave in this stock. what remains is the C leg and I think now is a good opportunity to short to around 9 ish range. If we go back to 20 ranges this theory is invalidated and we might be going upwrard again