Biotechnology Stock Revew: Array Biopharma ($ARRY)
My fundamental review of Array Biopharma is available on the Motley Fool; it didn't go down too well with some shareholders...
My initial assessment (not the publish date of the article), was "bullish", but the last few days have tempered this somewhat. My original opinion was for a stock which had handily cleared $6.00 resistance on big volume, and (successfully) backtested the breakout gap at $5.50 before recovering.
However, last week saw a rapid drop back to $5.50, and an eventual undercut of $5.50 which managed to hold at the 200-day MA. This drop was enough to break the bullish technical picture, which is now net bearish.
Bulls are not entirely out of the picture: $5.50 is still a point of support as of Friday's close, and the 200-day MA currently at $5.18 can't be excluded as a defense point.
Should the 200-day MA break, then the next level of support is $4.49.
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Dr. Declan Fallon is the Senior Market Technician and Community Director for Zignals.com.
You can read what others are saying about Zignals on Investimonials.com.
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My initial assessment (not the publish date of the article), was "bullish", but the last few days have tempered this somewhat. My original opinion was for a stock which had handily cleared $6.00 resistance on big volume, and (successfully) backtested the breakout gap at $5.50 before recovering.
However, last week saw a rapid drop back to $5.50, and an eventual undercut of $5.50 which managed to hold at the 200-day MA. This drop was enough to break the bullish technical picture, which is now net bearish.
Bulls are not entirely out of the picture: $5.50 is still a point of support as of Friday's close, and the 200-day MA currently at $5.18 can't be excluded as a defense point.
Should the 200-day MA break, then the next level of support is $4.49.
---
All Contributions Welcome - Thank You!
Follow Me on Twitter
Dr. Declan Fallon is the Senior Market Technician and Community Director for Zignals.com.
You can read what others are saying about Zignals on Investimonials.com.
JOIN ZIGNALS TODAY - IT'S FREE!
