Biotech stocks are driven by news catalysts--trial updates, FDA announcements, earnings reports, new finance offerings, partnerships, buyouts, etc. how big a role do technicals play then, when your biotech stock is about to experience a very significant chart event? I own shares of two very good biotechs that have these significant Cross events right now. APPY just experienced a golden cross on Wednesday, where the 50-day MA crossed up and over the 200-day moving average. Friday a new up leg appears to have begun. ATRS on the other hand, is poised to experience a Death Cross early next week IF there is further weakness in the stock. Look at the chart, verify this for yourself. I don't want this to happen, I own 12,000 shares, but we need some positive PR on Monday or I fear the black boxes in the trading rooms are going to unleash a fury of selling pressure on all us faithful longs. My Refuse to Lose post perhaps should read Refuse to Lose More! I am going to decide Monday if I stay or leave depending on price action and/or news. I hesitated to post this at all because it has bearish implications. But for some, it could be a prudent and timely warning to prevent further carnage. GLTA!
Tuesday, yes. Ryman--thank you for pointing this out. We just need news, not later...Now! 19 red days only 6 white candles last 25 market sessions. Very oversold. $3.45 held Friday. That's the support line, my mental stop.