Quick update to the trade. The bulls are firmly in control of Exelixis (NASDAQ:EXEL) with a cup being formed on the intraday chart and a possible handle formation next. A handle would give the ability to add more to this position, but I don’t anticipate resistance should be that strong. Unless volume is very low, the first resistance ($12.01) should not be overly complex. The additional resistance levels on the chart should be a bit more tough. Each breakout from resistance should attract more buyers and force more shorts to cover therefore that should create enough momentum to push past those additional resistance levels. EXEL is still my favorite trade at the moment as the biotech sector is providing a safe haven from the technical damage seen in other sectors/indices. Detailed charts posted on forums, link below.
CLICK HERE FOR UPDATED CHARTS AND ALL DETAILS SINCE INITIATING EXEL TRADE ON THE FORUMS
As always, do your own homework to see if you agree. Good luck out there.
Mike
At the time of publication, Kudrna was Long EXEL but positions may change at any time.
