The first sign of a change is coming, was on 11/09 bouncing up from the $4.37 line with increasing volume, at least X2 the average volume on the previous two weeks.
The price had several resistance lines to deal with, starting with $5.05 & $5.63 as I mentioned on twitter several times. The price breakout those points & have to breakout the 52 week high at $6.09 as well, on Tuesday 11/20 we had the breakout, then the price retreat a bit to close at $6.09 again, but on Wednesday we had a clear breakout with a huge volume of 2.3M shares.
The stronger the volume on the upward breakout, the clearer the sign that the upward trend will continue. but as happened in most breakouts, the price may move back to test the $6.09 line again, and this time, the same line supposed to change its role from resistance to be used as a support line. If this line failed to do so, then the next strong support line is $5.63
As the price reached a new 52 weeks high at $6.47, I have to look back at the weekly chart to find the next resistance lines. The next target is the $6.86 line followed by $7.67 line as the second target ahead of the results that supposed to be revealed on January 2013.
It's hard to predict the price that $CLSN will reach in case we get a positive results, saw several predictions of $15 to $20 over the biotech community at twitter , but in the other side, we have to remember that $CLSN can reach $2 to $1 !!! in case of a negative results, so it's important to manage your risk, by hedging, reducing or closing your position ahead of the data.
Disclosure: Long $CLSN shares & Jan $3 & $4 calls