Celgene Presents a Clear Bullish Setup

I have a well-defined bullish setup in Celgene (CELG) that we are going to look at today. The larger pattern is a bullish pattern of higher highs and lows. I also see price above both the 200- and 50-day simple moving averages, and that supports a buy-side setup.

Beyond this, the trade setup is what I like to call a Fibonacci price cluster, which is the coincidence of at least three key Fibonacci price relationships that come together within a relatively tight range. What I also like about this setup is that two of the projections within the cluster are what I call "symmetry" projections. These are essentially measured moves of prior corrective declines within the larger uptrend in Celgene. The zone we are currently testing and holding comes in at the $128.63-$132.10 area. The recent low was made on Aug. 15 at $132.75....163 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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