Exelixis has come to a stop after many months of upward movement, it is now consolidating around 52 week highs, and I am looking for a short opportunity on a large pullback.
Reasons: - Class A bearish divergence on the weekly & daily chart (RSI, MACDL) + Acc/Dis (Daily only) - Accumulation/Distribution line has dropped below the 9EMA on the daily chart. The past two times this occurred the stock had a +10% pullback to the 20EMA - Overbought on the RSI, and has crossed below the 70 line after being above it for a significant amount of time. The past two times this occurred the stock also had a +10% pullback to the 20EMA
Going short with a break of the ascending trend line, with a price target around $19.30 or the 20EMA.
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