Are the Bears Taking Control over Celgene?

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Are the Bears Taking Control over Celgene?

Published on Sunday, 05 February 2012 16:39 Written by TradersHuddle Staff

celg New York, February 5th (TradersHuddle.com) - Shares of Celgene Corporation (NASDAQ:CELG) ended the trading session lower by $0.95 or -1.28% from its previous close. Celgene's price action formed what is considered to be a bearish engulfing candlestick chart pattern.

Celgene Corporation (NASDAQ:CELG) is a global biopharmaceutical company. The Company focuses on the development, and commercialization of therapies designed to treat cancer and immune-inflammatory related diseases.

Celgene's current stock range is defined by calculated support defined at $60.00 and by the resistance level at $74.63, which should be used by traders planning their trades.

Traders wanting to establish a position in Celgene stock need to pay close attention at the bearish engulfing pattern, since it could mark a trend reversal to current Celgene shares price action. The Bearish engulfing pattern is a leading warning sign, therefore traders should closely monitor price action for indications of a trend reversal. Below an Engulfing Bearish Candle Illustration: