Monday, September 28, 2015

Biotechnology: Will there be a breakdown of the head and double shoulder pattern at $280?

If I listened to my own advice a little carefully I'd be rollin' in it at the moment instead of breaking even! In any event, and I'm not entirely sure what the signficance is, but the upward channel I had proposed has broken down leaving in it's wake the possibility of a very awkward first right shoulder forming a fair distance from the lows of first left shoulder (blue circles). I'm not entirely sure head-and-shoulder patterns work like this but if we have a turn-around at 280 tomorrow I'll look like a genius, otherwise I'll just look like a tool. Incidentally, the full stochastics (14) indicator is just entering the oversold position and so a turnaround seems appropriately coincidental.