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 broken down through an important fibonacci fan trendline at 11.74 suggesting the next level of support is 9.34. The long-term uptrend has now turned neutral.

The stock has support at 9.34 and 8.57. If the stock breaks down through support at 9.34 then it will probably continue lower to 8.57. The stock will meet resistance at 10.00 and 11.74. If the stock breaks up through resistance at 10.00 then it will probably continue higher to 11.74. The 200-day moving average is at 5.06. This will also act as support. If the stock closes below 9.30 a negative trend change is probable. The stock could fall to the 200-day moving average at 5.06. The stock is slightly overbought according to the Stochastic Indicator (68.03).”