Some T/A on CRHHere is what a very smart friend had to say when I asked about CRH...
"CRH.to finally broke above its $3.00 2008 high in 2015 and traded in a sideways channel between $3.00 and $5.50 until Oct 2015 when it broke out and ran up sharply to $12.35 in May of this year. Something ugly happened then which is typical for these Biotech companies. Price plunged through the 1st breakout point at $5.50 which should have served as support. Price then fell further to the major support at the $3.00 breakout point and tried to hold at that support area for a few months before breaking down again. Bottom line this stock needs to re-clear $3.00 AND hold above $3.00 to get back into its previous channel between $3.00 and $5.50. Until then the $3.00 ‘area’ is going to be solid resistance. Only positive here is note the lower RSI 21 is at a higher level than when price was over $3.00. This shows the stock is not as weak as it was then despite the lower price. (positive divergence). But with Biotech stocks expect extreme volatility. At a couple of bucks a share there isn’t much downside left and there is lots of upside."
This guy is very good at charting so I thought I would post.
Cheers,Pat