By Jeff Pierce
Nov 14th Trade Idea Recap
I consider this a wash trade idea. I really felt the $4 level would be support and it did fall all the way to $3.50. Now if you held on through that correction you would have had the opportunity to nearly catch $5/share another 6 weeks later. However in the game of trading and emotions I realize it can be hard to hold through a pullback and some may have sold for loss while others with more patience could have gotten a nice gain. For the most part $4 was support, but volatility is notorious in biotechs and I hope anybody trading these sort of stocks accounts for that.
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Sept 13th – Olivier Tischendorf who is the trader behind the Tischendorf Letter brought this stock to my attention over the weekend over skype – check out his blog…good stuff.
I like what PRAN did today by falling to key support so much that I wanted to share it with you guys who like to trade biotech stocks. Obviously these can be volatile but this mornings drop doesn’t violate any key support levels and the RSI is down, but not down too much. My bet is this bounces from these levels…maybe not today, but I don’t see much more downside left.