Hi Sue,
I don't really see any double-bottom, but I agree that this is a pretty good place to consider an entry.
Probably ALNY has a bit more downside left, but I anticipate a strong move will begin within the next week, possibly sooner. I see support at the lower BB rail at $6.69, and ALNY might well trade down to that level:
139.142.147.218
There are really only minimal preliminary technical buy signals so far, and normally under these circumstances I would not contemplate an entry. But the downside risk here is low because of chart support and BB support, both not very far below current prices. I think these support levels are not threatened, ALNY looks very stable at these levels, and is very oversold as well. Actually, ALNY is just about on chart support right now, so it might not bother moving down to test BB support, and that's one reason why I think an entry now---even with a lack of technical buy signals---is reasonable, given the nature of this particular stock and why and when it moves. This is an exception to the rule, in other words.
139.142.147.218
With a stock like ALNY (and STEM, for that matter), I prefer to get in too early rather than too late. I have just accepted the fact that I tend to get in too early anyway, and so when I enter I am already prepared to be upside-down on the position for a while. So long as the reasons I entered are still valid, I will just hold and be patient. Usually this works out well, sometimes spectacularly well.
T |
