Celgene Gearing Up for Another Correction

Celgene (CELG) discovers, develops, and commercializes therapies for cancer and immune-inflammatory related diseases in the United States and Europe. The company's stock traded in a range for six years following a strong rally that took place from 2003 to 2007. After a preliminary breakout from this upper-level congestion in 2011, Celgene has once again been on the bull path.

All bull runs need a chance to catch their breath though, and Celgene is showing signs of short term exhaustion. It has already hit and surpassed the 100% expansion level from the 2003 to 2007 rally, indicating extension on the larger trend and the decent potential for a short-term correction. Although it should be noted that the pace of the bull market rally will make a larger monthly correction through price unlikely in the near future. Volatility along highs is more probable. This brings us to the daily charts....514 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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