September 25, 2018

A Struggle Of A Day For the Biotechs

There were big moves and subsequent pullbacks today for many biotech and healthcare stocks. Continuing the recent theme of inconsistent trading, most symbols struggled to maintain momentum throughout the session. AMRN, for example, was up very sharply at the open, moving up from around $12.00 to a high of $14.64, and then proceeding to give up those gains through the latter part of the session. Another example is FCSC, which was initially boosted by rumors of an FDA contract which ended up being true. However, after moving higher for the second day in a row initially, the stock proceeded to sell off to where it ended off trading lower than yesterday’s close. Overall, this was a recurring theme, making it more prudent to look for sharp pullbacks in existing trends for entries. Here’s a recap of the action.

about the author:

Mike Patton

Mike Patton took the leap into the markets beginning as a commodities broker in 2005, where he was responsible for identifying trading opportunities and executing trades on behalf of clients. After years as a broker he made the jump to education by joining the team at Trading Advantage, now Prosper Trading Academy.

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