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FLXN

FLXN Long PlayIf you look at my previous FLXN idea, I called the short from around $20 to $9 using classical charting techniques. I am now calling the bottom on that trade. It looks like a textbook Adam and Eve double bottom. If you analyze the tape a bit more, you can see accumulation going on in the $11-12 dollar range with anything under $11 clearly being bought back up. FLXN has some news in it's pipeline related to Zilretta being submitted to phase 3b testing which will allow it to be repeatedly used for treatment. This should significantly boost sales and they have already been looking good increasing YoY. With their earnings coming out in the next few weeks along with their roadmap being delivered on time I expect shorts to be covered in quick succession. We are approaching the right end of the eve rounded bottom and I marked a few areas of resistance clearly formed on the way down. I expect this stock to recaim it's old range highs and to ultimately set a new ATH within the next 12 months.
FLong
by GladeArchJoe
1
FLXN ShortFLXN reaching a 100% retracement of the run-up from last year. A huge short play could be in the making if it cracks under 19.05 and holds. I would wait for confirmation, but we could see a measured move down equal to the length of the pattern (32.25-19.05 = 13.2) While I don't think $6 is realistic, I believe that you may be able to cover in the low teens or high single digits. They are waiting to get the J-code and that would probably be the next move up based on any FA.
F
by GladeArchJoe
1
FLXN Long Term Ascending TriangleFrom a purely technical standpoint it looks like $FLXN will range until October before this ascending triangle converges. Of course the announcement the company getting acquired can make the 11 million + shorts close but if an extraordinary event like that does not happen with the next few months, this stock will break out upwards. If you are want you can trade this range and there may very well be failed signals of false breakouts. Or if you are an investor, it could be a good time to start to DCA your buys now. I expect a violent upside reaction based on the length of this triangle and new highs by November.
FLong
by GladeArchJoe
1
FLXN blows thru 22.18 resistance, will it hold? If so, BUY!FLXN blowing thru resistance coming up on earnings CC next Monday 7/10. Looking very strong but not confirmed until today's candle closes above resistance and full candle opens and closes above 22.18 resistance tmrw. If it does, think that's a solid buy signal as I don't see much resistance from here to 26s & if they're on track for FDA approval of knee drug end of 2017 this is going wayyy up! I sold far dated 17.5 puts on this during last dips so recommend selling puts to reduce cost & risk of entering/adding at these levels. If you buy here, still recommend doing so in chunks as it's just not good form to buy full position at/above resistance (particularly right ahead of earnings) even though this may eventually double from here.
FLong
by heidib