CERNER (Nasdaq:CERN): Head and shoulders pattern confirmed
As we can see at the figure below, Cerner chart has confirmed a head and shoulders pattern. $52 support was the neckline of the head and shoulders formation, and this support level has been broken today with high volume, so we can expect that stock price will plunge next weeks.
A first objective is filling the February 2, 2008 bearish gap, so stock price can drop to $45,90, but the real objective next months is $38 (the distance from the neckline to the top of the head, more of less 14 dollars).
This confirmed head and shoulders formation offers an excellent shorting opportunity, as we’ve seen today.
This breakout has been produced by yesterday earnings report, but head and shoulders formation was clear some days ago.
Responsable: José Carlos Estévez
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