the 20sma has served as resistance for 2 months...today the 20sma is 5.80...a close above with decent volume, imho, would be bullish...the 20sma repelled the advance of AMPE April 1, 9 & 10...usually on the 3rd or 4th try, price is successful in penetrating the moving average to the upside....macd, stochastics, adx all starting to turn positive....a failure here could signal sideways trading or downtrend resumes
Just did quick overlay of IBB with AMPE: 1 month, 5 day, 1 day. Highly similar pattern. Didn't bother to download to calculate correlation coefficient, but this is just drifting with the overall sector. Recent news clearly had no effect on price. And so, we continue to wait for real clinical news.
Did have an expert tell me that AMPE options are predicting high volatility.
A 1 day plot of AMPE vs IBB shows that 80% of today's movement (estimated) is due to the sector, not the announcement. It is a component of iShares Russell 2000 Index Fund and MicroCap which are also up on the day. That, plus weak volume suggests that the news, while good, didn't affect the price of the parent company. Like you said, it will be interesting to see if the correlation breaks late in the day.
the low volume is a concern especially in light of the positive news...yes, maybe it is due to the malaise evident in the biotech space....the 20 day average volume is 623k shares...the news release, i would have assumed, would goose the volume throughout the day...today's closing price action/volume will be key!