I wrote this out for a friend of mine, and thought others might benefit as well:
Celgene Corporation (NASDAQ:CELG) - Price rises up, hits $165 and reverses creating a resistance point at $165.
Price then tests $165 by breaking through, and forms another resistance point at $170. A small range forms from $165 to $170.
Price breaks through twice forming a double top- a classic bearish sign.
Price breaks though the $165 Support/Resistance point, completing the double top pattern.
Price reverses again, climbs up to the $165 resistance point, bounces off several times, and heads down again. Another classic bearish sign.
Price was in a range between $150 and $165. Now forming potential range of about $132 to $150.
Price currently in downtrend heading toward support at about $132. Volume is still high, so the downward momentum does not seems to be slowing down.