TRADING TIPS

CELG Looks Nasty

Hubert Senters here. Let’s take a look at CELG, Celgene Corporation. So even on that – well, mostly indexes are negative right now. Just let me double check real quick on my scan feature. I believe that they are all negative. Yeah, I don’t like it. Just slightly though on the view — the Dow actually, just take a little quick. S&P is down $13. That’s not terrible. The Dow is down triple digits $196 and then the Nasdaq is at least one down, only down $6 to $8. Well, $6.50, 8 bucks. By now with market is getting ready to close in about 20 minutes. So when we go back and we look at CELG, so the Nasdaq is going to sell-off but this thing is sell-off and it’s a component of the Nasdaq. So just be careful with this one. Looks like a really good shortened lines. What you do is you start looking for real weird chart patterns. Gap down consolidation, gap down consolidation, gap up, consolidation lower and now, we’ve got another gap down. I don’t think it’s going to get out of its bad news top of the funk out us to $10, so take a look at shorting that with a potential lower price action. You can see nasty sell-off very shallow retrace, nasty sell-off very shallow retrace, nasty sell-off target on it’s going to be $70.63. Good luck. Hope it helps. See you on the next video. Hubert.

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