Shares of Clovis Oncology, Inc. (CLVS) continue to retrace the massive up-move seen recently. The biotechnology company ran from $3.25 in early November to $17.40 in early December. After this stunning move, every investor should be waiting patiently for the classic retrace. With the stock trading near $9.00 today, investors are getting antsy. On a technical level the buy level is at $7.80. This is a multi-pivot point of support on the daily chart. It is also near a 61.80% Fibonacci retrace level.