Arena Pharmaceuticals (ARNA) : Follow Up – Ascending Triangle

A follow up since my last post on ARNA.

Since the last post, ARNA has reversed.

From a technical point of view, it seems like an ascending triangle is forming. With the flat top at 5.46 from the June high.

Both the kumo and the trendline is suggesting a support at 4.74

It is hard to say whether ARNA will break out on top. But, if it does breakout, I have a target price of  $6.60 for it. If it breakdown, a possible target price is 3.90.

2009Sep-Arena Pharmaceuticals Inc-800x600

By iam802

Trend trading with Ichimoku