I can put together a quick update tomorrow and provide the link. There are two things that happened last Friday that I find very very interesting. And people say that charts don't work for biotechs... these two things will prove them wrong.
I will do this tomorrow and post the link when it is completed. I will share this now. 7.50 held nicely. The move down did two things. First, it tested trend line support in the larger pattern. ARNA is NOT out of the woods by any stretch, but I cannot envision Monday bringing much more selling pressure than Friday did... all day long. Second, that 7.50 move also satisfied the minimum expected downward move when a smaller pattern broke down. So, at this point, we have reason to expect a rebound (7.50 support) and NO reason to EXPECT more downside. That is not the same thing as saying it won't or can't go down. It just means that there is now nothing in the chart that points to a lower level.
Probably will have it ready late tomorrow afternoon. Take it all with a grain of salt...
Yes, please share it with us. I see three things in the one year chart.
1. Thursdays AH sell off filled the June 8th 2012 gap.
2. The sell off bounced off of June 8th support and rebounded to next support $7.50 which was March 19th lows.
3. Friday we tested the $7.50 level again and managed to hold it. ( Hope it does)
Monday will be telling. Will we continue to push to the next level of support around $8 or does it fall back below the $7.50 support level. If it falls under $7.50 we could very easily retest the $6.80s