Now
Over Key Technical Hurdles
As
promised yesterday afternoon, we've got a new trading idea for you today.
This stock has been bullishly smoldering for a while now, but it appears
ready to really start a bullish fire.
It's Biodel
Inc. (BIOD), and with just a quick look at the chart below you'll see
why it's looking ready to pop.
October's pullback
was topped off with a really nasty one-day plunge from $3.63 to $2.13,
but ever since that dip we've seen a real recovery effort. Well, the tipping
point was cleared as of yesterday with the move above all the key short-term
moving averages. In fact, these moving averages lines are now acting as
support.
The kicker is
how BIOD has made the last leg of this progress on noticeably stronger
volume.
Together, this
should all be enough to light a fire under Biodel and get it going at a
really nice bullish pace.
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