BMRN Daily Chart ~ Waiting Patiently to Enter as t
Post# of 2559
Posted On: 11/02/2013 10:01:04 PM
BMRN Daily Chart ~ Waiting Patiently to Enter as the Stock is Still in Decline
One of my favorite biotech companies. Great company but a broken stock. BMRN is oversold but still has some work to do on the downside before it's time to enter. Until the FullSto and MACDs begin to level out, I'm keeping a close watch on the stock as it continues to break all support levels towards the downside. The stock broke under the MA100 three days ago and below the MA50 and 200 the last two days. All very bearish for the short term. Additionally, a head and shoulders pattern is also being broken to the downside. The previous lows of Aug in the 62.40s have also been taken out this last week. The next level of possible support can be found in the 58.00 to 60.00 level. A break below that and BMRN could easily see the mid to low 50.00s. Once the indicators suggest that the worst is over, it will be time for the conservative money to move back in.
One of my favorite biotech companies. Great company but a broken stock. BMRN is oversold but still has some work to do on the downside before it's time to enter. Until the FullSto and MACDs begin to level out, I'm keeping a close watch on the stock as it continues to break all support levels towards the downside. The stock broke under the MA100 three days ago and below the MA50 and 200 the last two days. All very bearish for the short term. Additionally, a head and shoulders pattern is also being broken to the downside. The previous lows of Aug in the 62.40s have also been taken out this last week. The next level of possible support can be found in the 58.00 to 60.00 level. A break below that and BMRN could easily see the mid to low 50.00s. Once the indicators suggest that the worst is over, it will be time for the conservative money to move back in.
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