Bearish day on HRTX wiping out indecisive prior day candle AND two bullish candles before that. A small increase in volume over the MA. Time to sell high and buy low?
HRTX has been bouncing off of strong support at $15.77 for quite a while now. A hammer candlestick broke through support, but was rejected in a very bullish manor. Perfect entry for a long trade, but be careful because of the lower highs and the recent break through of the support.
$HRTX finished with a strong close, has tested the top nearly 6 times with recent bounces off of the 13ema forming higher lows. All of these signal a stronger potential for a breakout above the resistance. Keep on watch for tomorrow
Watching for a breakout of resistance around the $30.60 area on $HRTX, has tested the top 5 times, making higher lows, set stops tight depending on market condition after the holiday.
Potential ABC pattern down to previous support from the beginning of the year
Biotech is set for an upside imbalance if US Equities open strong tomorrow morning.
Rotation around POC as centerline is an appealing support level for traders on an overlay basis. If the centerline of the ascending channel is violated expect a balance in 29.60 to be the next support. If the 29.60 balance cannot be held, expect 26.31. We want to watch how far do traders push price from POC, then find extreme and revert to mean. This could all be...
Broke out on Friday and was up 6% even though the market got smashed. Will be watching for continued strength and a test of new highs. Also had some unusual options activity in the name.
Lots of buying in October 40 calls, too.