As of yesterday this biopharm stock gaped up approximately +47% and is currently stuck in a previous selling range established back in 2001. I believe there may be some interesting action at these levels given the strong gap up from $17 and into the $25 price level. These previously established levels between $25-$30 had sellers really come out evidenced by the sharp impulsive moves lower. This would also explained how the stock opened at the $25 and it trading around this small range (between $25-$27) - true sellers at this range! If the current selling pressure is able to overcome the recent bullish gap up momentum - there should be an opportunity to short this stock for good gains if the momentum goes in favor of the seller.
If the stock breaks through strongly through the $30 -$31 price level strong resistance will not show until the $39 level .
Only long entry I see right now is the gap up from $17 mark - will revisit to see if there are other point developed to enter either long or short. It is a long drop from $25 to $17
I wonder if the company will sell shares here to raise capital at this level given the excited for its stocks - perfect opportunity to do so!
I found this stock from finviz's "overbought" signal on its screener.
If the stock breaks through strongly through the $30 -$31 price level strong resistance will not show until the $39 level .
Only long entry I see right now is the gap up from $17 mark - will revisit to see if there are other point developed to enter either long or short. It is a long drop from $25 to $17
I wonder if the company will sell shares here to raise capital at this level given the excited for its stocks - perfect opportunity to do so!
I found this stock from finviz's "overbought" signal on its screener.