Looking for Pharma Winners
- Posted by Greg Harmon
- on May 14th, 2012
Often in times of market turmoil there is a shift of money into defensive assets. One of these sectors is pharmaceuticals. This space also is one where you might have very little idea what the companies do if you are not a doctor or researcher. What do you do? Look at the charts, of course. Here are two that are looking ready to make a move higher.
Curis, $CRIS, has been in a symmetrical triangle, consolidating for over a month. Now approaching the top of the triangle it has a Measured Move to 5.75 on a breakout above the top rail at 5.00. The Relative Strength Index (RSI) is holding bullish and the Moving Average Convergence Divergence (MACD) indicator is growing positive, both supporting continued upside.
PDL BioPharma, $PDLI
PDL BioPharma, $PDLI, is hitting up against rising resistance at 6.50 after coming off of a double bottom at 6.04. The RSI and MACD support more upside on this name as well. A move over 6.50 has a Measured Move higher to 7.30. Not too shabby, but it also carries a 9.20% dividend.
HT to @gtlackey for showing me PDLI
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The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.blog comments powered by Disqus
Gregory W. Harmon CMT, CFA, has traded in the Securities markets since 1986. He has held senior positions including Head of Global Trading, Head of Product Development, Head of Strategy and Director of Equity. (More)
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