Arena Pharmaceuticals (ARNA) pop this morning provided a great opportunity to get short with minimum risk this morning. I'd say if you can get in close to $6 on this stock, the better off you'll be.
But notice how this stock is trading just below the year-long previous consolidation pattern that it had been in. Now that it is below that range, it will be extremely difficult to make any headway going forward.
This stock could easily become sub-$6 in the next week or two. As close to $7 on your entry the better as you'll have a much tighter stop-loss as a result.
Here's the ARNA trade setup.
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