New Position: AKRX
This position was initiated purely for technical reasons.
The stock was pointed out to me in the comments section by Brent, of Sierra Mountain Investor fame. I'd hyperlink to his blog, except that he has it offline right now. I have to say Brent has some fantastic picks, and we'd all be doing better if he'd put his blog back up.
As you can see, AKRX has been consolidating near resistance, and depending on where you drawn your lines, has either pierced resistance, or is bumping its head on it.
The blue arrows show the high volume days over the last 6 months. If the stock were to see another high volume day as it did in the past, it might be launched upward, making a clean breakout. And that is what I'm looking for this one to do, breakout.
Fundamentally, this stock is a biotech, and because of that, can be prone to surprises which may be deleterious to one's account value.
Update: Sierra has his blog back up.
4 comments:
Wood,
I've been back for a few days. Thanks for the compliment. Here is the key on AKRX. As we get closer to 3q results, I believe the stock will be in the teens.
"In the third quarter 2007, our expectation is to increase quarterly revenues by at least 50% as compared to the current quarter. This is based on the re-launch of IC-Green(TM), which requires us to successfully pass a pre-approval inspection at our Decatur manufacturing facility, the commercial launch of Tetanus Diphtheria Vaccine, and the launch of our Advanced Vision Research contract manufacturing agreement for TheraTears®."
Cool. Thanks for the update.
MER is a good trade here with a stop at close under 74. The 20d is moving above the 50d and the confluence of the 2 is making for support at 74. Check it.
M- the financials scare me. STill gunshy about holding those overnight. After all of your mud wrestling, you must have developed cohones of steel.
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