NEW BULLISH Plays
ACADIA Pharma. - ACAD - close: 14.71 change: +0.11
Stop Loss: 13.85
Current Gain/Loss: unopened
Entry on June -- at $--.--
Listed on June 05, 2013
Time Frame: 4 to 6 weeks
Average Daily Volume = 3.1 million
New Positions: Yes, see below
Why We Like It:
ACAD is in the biotech industry. Right now investors are bullish thanks to progress with ACAD's still in development pimavanserin drug. The company recently had a secondary offering of stock that failed to slowdown ACAD's rally. Now shares are hitting five-year highs and completely ignoring this week's market sell-off and weakness in the biotech industry.
If you check out an intraday chart you can see traders are buying the dips. Right now ACAD looks like it is coiling for a bullish breakout past $15.00. I am suggesting a trigger to launch small bullish positions at $15.05. If triggered our target is $17.00 since the $17-18 zone has been resistance in the past. More aggressive traders could aim higher. FYI: The Point & Figure chart for ACAD is bullish with a $21.00 long-term target.
Trigger @ 15.05 *Small Positions*
Suggested Position: buy ACAD stock @ (trigger)