IMGN technical indicators have rolled over once again. It's rare that the technicals role over from overbought without some significant price decline. Pretty disappointing that price only climbed to $18 before the roll over while the market and SGEN were flying. IMGN needs some positive news to prevent price damage. This is all based on past performance of technicals, not advice. Hopefully, IMGN will break the cycle of disappointment at some point and break into a new range like SGEN.
Man up. It's option expiration and someone must have a ton of 17 calls short. Well, open interest is only 500. But 17 is definitely max pain, since there's an equal number of 18's and 19's open. We'll see 16.99 on friday, and then maybe the pressure will be off.
it was certainly headed in that direction then, "No Taper" caught the bio-shorts by surprise. I noticed last night that Cramer was hinting about a decline in the small-mid size biotech's, I am sure his bio-short hedgie friends gave him the head's up and were hoping he would make the announcement people would start selling and help their cause. Things could always turn back around, but for now it looks like the biotech's averted the short sellers attempt to start a correction. If IMGN can hold up into the close it will be a positive sign. IMGN is trading at the top end of the new down channel and needs to break above 17.5-17.6 to stop the ST downtrend that started on Sept 12. (see handy chart on side of page).
I prefer the pig/dog posts for contra indicator timing, LL actually had good timing, so I am hoping he is gone for good. Maybe IMGN will hold up this time, but if you look at past technical patterns/trends, when technicals roll over, price usually follows