Smoking Securities

Half Baked High Finance

Twitter Ticker ($MEDX)

leave a comment »

MEDX090622Medarex is causing a stir on StockTwits due to a new prostate cancer treatment called Ipilimumab. MEDX has had a solid run since forming a double top breakout buy signal on April 22nd, but it has stopped at a level that served as support in June 2006.

With the overall market continuing to show weakness, I suspect all the buyers are on board, and without increasing demand, supply will soon overwhelm this stock. A break below 7.98 could lead to further weakness and a run back to the 6.46 level, but shorts may want to wait until a pullback is confirmed.

If the NASDAQ stabilizes and MEDX holds above 6.84, there may be potential for this biotech firm, but I’m in no rush to participate.


Written by chucklesamadeus

June 22, 2009 at 2:42 pm

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s

%d bloggers like this: