Sorrento Therapeutics Inc (SRNE) “On a long-term technical basis, the stock (SRNE) is trading above its 200-day moving average which generally implies it is in a positive trend. However, the stock has recently broken down through an important fibonacci fan trendline at 12.62 suggesting the next support level is at 10.48. This weakness suggests the long-term uptrend is turning neutral.

The stock has support at 10.48 and 8.57. If the stock breaks down through support at 10.48 then it will probably continue lower to 8.57. The stock will meet resistance at 12.62 and 19.44. If the stock breaks up through resistance at 12.62 then it will probably continue higher to 19.44. The 200-day moving average is at 4.08. This will also act as support. The stock is extremely overbought according to the Stochastic Indicator (75.92), and turning down, which suggests a pause or possible pullback, especially if near resistance. Confirm this with the Short-Term and Daily Outlook to keep from exiting prematurely.”