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Company Profile
After Hours: $61.49
EARNINGS: 04/29/2010
STATUS: Trend reversal. CELG rallied into March and a rally high, but it didn't last for long as CELG tested back, forming something of an ABCD pattern, though it looks as if it threw another letter of the alphabet in there at the end. Nonetheless it found support a week back at the January peak (what we are looking for the indices to test and hold), held, and made a short double bottom at that level. Thursday CELG was back in the game with a gap above the 50 day EMA and the short down trendline from the March peak, surging on earnings that beat expectations. Friday CELG was testing so to speak, holding flat with a doji after it gapped higher but then faded to give back half the move on Thursday. Looking for CELG to hold in this range over the 50 day EMA and then start the move back up. It can test further or start from here; either way when CELG makes the move we will start some positions.
CHART VIDEO
Volume: 4.882M Avg Volume: 3.325M
BUY POINT: $62.39 Volume=4M Target=$71.95 Stop=$60.44
POSITION: CELG 10G80.00 - July $60c (64 delta) &/or Stock
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