NEW BULLISH Plays
Prothena Corp. - PRTA - close: 40.24 change: +1.24
Stop Loss: 37.95
Current Gain/Loss: unopened
Entry on March -- at $--.--
Listed on March 10, 2014
Time Frame: 6 to 8 weeks
Average Daily Volume = 216 thousand
New Positions: Yes, see below
Why We Like It:
PRTA is in the healthcare sector. This Irish company is a clinical stage biotech firm focused on the development of antibodies for various diseases.
This is a momentum play. The momentum in the biotech industry peaked about three weeks ago. Yet shares of PRTA have continued to push higher. Shares did see a one-week consolidation beneath round-number resistance at $40.00. Yet now PRTA is hitting new record highs.
Today's intraday high was $40.67. I am suggesting a trigger to launch positions at $40.70. If triggered our initial target is $47.50.
The Point & Figure chart for PRTA is bullish with a $47.00 target.
NOTE: Biotech stocks can be volatile. The wrong headline could send shares crashing. I am suggesting small positions to limit risk.
Trigger @ 40.70 *small positions*
Suggested Position: buy PRTA stock @ (trigger)