Stocks closed narrowly mixed Monday as hopes for stimulus from the Federal Reserve helped limit losses following a disappointing manufacturing report.
Despite the overall lackluster trading action, shares of Idenix Pharmaceuticals Inc. (IDIX) attracted strong buying support, jumped 6.81% to 10.98. This is bullish from a technical perspective. In fact, as the chart below indicated, IDIX could climb above 15 to test the 6-year high after breaking out from the so-called bullish flag pattern. Just so that you know, initially profiled in our June 4, 2012 “Swing Trader Bulletin” IDIX had gained more than 21% and remained well position.
The graphic below is from our “U.S. Market ETF Trading Map”, which show the near-term technical bias and trading ranges for IDIX. As shown, the underlying is in a short-term bullish trend when the price bars are painted in green. The underlying is in a short-term bearish trend when the price bars are painted in red. The yellow bars identify period of neutral or sideways trading pattern. Additionally, the light-blue shading represents the short-term trading range. A move above or below that range is considered overbought (as represents by the red shading) or oversold (as represents by the dark-green shading). Readings above or below the red and green shaded areas are considered extremely overbought or extremely oversold.
Chart 1.1 – Idenix Pharmaceuticals Inc. (daily)
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