Celgene Corporation - CELG

Commentary:
For today's chart we've chosen to take a look at Celgene Corporation (Nasdaq:CELG) because it is trading within a well-formed ascending channel pattern. As you can see from the chart below, the barriers of the pattern have created an interesting trading range and many traders are now interested to see if this pattern will continue to influence the price action. Notice how the price has bounced off the combined support of the 200-day moving average and the lower trendline several times over the past year. Technical traders will keep a bullish outlook on this stock until the price closes below the support levels. The bulls will likely set their stop-loss orders below the nearby trendline so it may be a wise decision to wait another day to see if the stock will be able to bounce.