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Zak Mir's Bull Call of the Day No. 2: Clinigen: Above 50 Day Line Targets 800p Plus

By Zak Mir | Thursday 31 December 2015

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.

Clinigen (CLIN): Above 50 Day Line Targets 800p Plus

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Today’s second Bull Call, Clinigen, consists of what you might expect as far as a decent up trend situation, with the year to date generally witnessing a procession within a rising price channel, one which has been in place since the beginning of the year. Indeed, the only real hiccup we have seen for 2015 was the August – September double top through 800p. Interestingly enough, the retreat from this charting reversal formation was relatively short lived, and did not break the overall push to the upside we have seen from January, in terms of the support line from that time.

This line runs just below the 50 day moving average at 647p, with this area effectively double support ahead of the latest attempt to break to the upside we are seeing. The fresh bull phase has actually begun with the end of day close back above the initial December high at 698.5p, with the assumption to make that provided there is no break back below this former resistance the upside here could be towards the top of the 2015 price channel as high as 805p. The timeframe on such a move is seen as being the next 4-6 weeks.

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