u s shares highlights celgene corporation 843792015
<p>Celgene Corporation (CELG) – Potential upside movement to resume above 116.85/112.75 support (Click to enlarge chart) *Note: Celgene will announce its Q2 2015 earnings result […]</p>
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Celgene Corporation (CELG) – Potential upside movement to resume above 116.85/112.75 support
*Note: Celgene will announce its Q2 2015 earnings result on 23 July 2015.
Key elements
- Celgene’s long-term (multi-month) bullish trend remains intact as it continues to trade within an ascending channel (light green) in place since 15 April 2014 low.
- Recent price action has tested and rebounded from its 200-day Moving Average (in orange) now acting as a support at 122.75 which also confluences with the lower boundary of the ascending channel (in light green).
- The upward sloping 20-day Moving Average (in red) is acting as a support for Celgene at 116.85.
- The upper boundary (resistance) of the ascending channel (in light green) stands at 138.00/142.10 which also corresponds closely with multiple Fibonacci projection clusters from different degrees.
- The intermediate term RSI momentum oscillator (at the bottom of the Celgene’s chart) remains bullish above its support and still has room for further upside before reaching its extreme overbought level.
- The relative strength chart of Celgene versus the benchmark S&P 500 continues to show outperformance.
Key levels (1 to 3 months)
Intermediate support: 116.85
Pivot (key support): 112.75
Resistance: 129.06 & 138.00/142.10
Next support: 96.15
Conclusion
Technical elements are suggesting that Celgene should resume its long-term upside movement at this juncture. As long as the 116.85 pivotal support holds, Celgene is likely to see a potential rally retest its recent 20 March 2015 swing high at 129.06 before targeting the significant resistance zone at 138.00/142.10.
On the other hand, failure to hold above the 112.75 key pivotal support is likely to invalidate the long-term bullish trend to see a slide towards the next support at 96.15 in the first instance.
Source: Charts are from eSignal
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