The first chart is a weekly stock chart that shows support and resistance lines. These lines should be watched closely, they are great entry/exit points.
The next chart is a daily chart. I added some notes into my thought process when I tweeted at around $6.83 Tuesday, June 26th prices would be pulling back . . . and they did. I also called the bounce correctly as well. Follow me on Twitter @64turok, I'll occasionally comment about the stock. Although I have no position in the stock.
Yesterday (Tuesday), we had a very bearish Japanese Candlestick Pattern, the shooting star, and as of today, Wednesday, we had another bearish pattern, a hanging man (although its not the ideal shape). These are both trend reversal patterns. In other words, there is a high probability that there will be some more downside, although it's not guaranteed. Expect the 5 and 10 day EMA to act as solid support.
The chart of $HZNP looked pretty bad the last two days, but I guess an influx of money from $ARNA came in and increased buying demand. Right now $HZNP closed at $6.85 which has been a notable point of resistance in the one minute charts. $HZNP closed at the highs of the days and one minute chart didn't show much congestion at $6.85 (a good thing). I went ahead and looked at the daily chart using two indicators: accumulation/distribution and on balance volume to determine the supply and demand at current prices. I think there is a good chance $7 could be broken/or prices can consolidate around $6.85-7 tomorrow. Remember technical analysis is just probability, nothing is certain. It just should be used as a guide for making trades. Don't interpet any information on this website as investment advice. Make your own trades.
July 2nd Update:
I called a top when HZNP was at $8.22. I said at $8.40 would be where it would stop. I was off by 5 cents. It hit 8.45 for a double top. Here is the chart I am looking at. I wouldn't be surprised if there wasn't another correction tomorrow. Its not for sure, just seems likely. Do not trade based on the information I gave here. It is strictly educational. Do your own work. I don't even have a position on $HZNP.
Yesterday (Tuesday), we had a very bearish Japanese Candlestick Pattern, the shooting star, and as of today, Wednesday, we had another bearish pattern, a hanging man (although its not the ideal shape). These are both trend reversal patterns. In other words, there is a high probability that there will be some more downside, although it's not guaranteed. Expect the 5 and 10 day EMA to act as solid support.
Thursday 28th Update Below:
July 2nd Update:
I called a top when HZNP was at $8.22. I said at $8.40 would be where it would stop. I was off by 5 cents. It hit 8.45 for a double top. Here is the chart I am looking at. I wouldn't be surprised if there wasn't another correction tomorrow. Its not for sure, just seems likely. Do not trade based on the information I gave here. It is strictly educational. Do your own work. I don't even have a position on $HZNP.
July 10th Update:
HZNP Cup with Handle Pattern
HZNP Cup Pattern
July 21st Update:
I took a look at HZNP and it looks like it might be forming a cup formation before approval, where it might run up to $8.50, and pop to $9.80 just based on the pattern by it self. This chart is for fun, and do not invest based on this information.
