Ariad Pharmaceuticals Once Again Needs to Break $7.75

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This is really just an update to the chart I posted on Jan 11th 2014. We have seen some wilds swings with this stock over the last week, including a 3-day volume total >272 million shares on Jan 23rd, 24th &27th.

Volume has been drying up somewhat over the last week as the price per share has pulled back below a key support / resistance point of $7.75. Trading closed on Friday Jan down $0.45 (5.7%) to close the week at $7.29. By the way, Fridays short volume was 49% of the total volume of shares traded on the day.

We, once again have the potential for a significant (short) squeeze if the price can get back above $7.75 with strong volume . I expect this stock to start to fill the huge gap that was created when Ariad's drug (Iclusig) was temporarily pulled off the market. The FDA has since approved "new labeling" and the drug has been re-launched in the U.S.

Expect a very volatile near-term future and keep an eye open for that resistance break. According to Barrons ~24% of the float is held short..

I am sticking to my previous price target of $10.00 or higher by the end of February 2014'

Happy trading !!

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