REGN
Regeneron looks like it may be topping out here.
Price is navigating through an ascending wedge over the last two weeks of trading.
Both the MACD & RSI are showing bearish divergence building over that same timeframe.
In addition, the RSI is falling out of overbought territory while the MACD looks primed to cross under the signal line.
Daily candles have begun peeling away from the upper Bollinger Band.
Price is just under the median line of the (White) Modified Schiff Pitchfork, which has been a reversal area in the not so distant past.
Full view of Pitchfork:
Thus far, price has just missed testing the median line.
A failure to tap that median line would signal a strong downside is imminent. (Hagopian Law)
If that occurs, I suspect a strong price decline to the lower paramedian line of the Modified Schiff Pitchfork. (White)
I placed the (Blue) Andrews Pitchfork on the recent pivots points to show the potential path price could take on it's journey to the lower paramedian line.
A drop out of the ascending wedge will trigger my short entry.
My take profit level would be at the lower paramedian line between $635 - $650 depicted by the green box and red bullseye.
Commentaire:
Toast, worst trade of my life.
Hopefully I get bailed out, I went short at $700.