Celgene near Key Resistance Area

Published on Tuesday, 24 January 2012 06:52 Written by Danny Miller

New York, January 24th (TradersHuddle.com) - Shares of Celgene Corporation (NASDAQ:CELG) are trading very close to calculated resistance at $75.11 with the current price action closing at just $73.43 placing the stock near levels that make it difficult to buy.

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 current calculated support defined at $60.00 and by the resistance level at $75.11, the stock is clearly over-extended from support, making it difficult to establishing new long positions at this level.

Traders don't have a clear entry point for Celgene, as the stock is well above support, however, as the stock pulls back towards $60.00 it will definitely provide a reference point to establish a trade. On the other hand if the stock decides to break above resistance level at $75.11 then traders will get an opportunity to enter Celgene stock by establishing a position as the stock moves to a higher range.