Metabolix (MBLX) is a bioscience company that develops and is in the process of commercializing environmentally sustainable, economically attractive alternatives to petroleum-based plastics, with work underway to do the same with chemicals and energy. This stock is trading up 11.8% to $1.88 in recent trading.
Today’s Range: $1.67-$1.85
52-Week Range: $1.07-$3.48
Three-Month Average Volume: 197,432
From a technical perspective, MBLX is ripping higher here back above its 200-day moving average of $1.72 with decent volume. This move has also pushed shares of MBLX into breakout territory, since the stock has taken out some near-term overhead resistance at $1.78. Shares of MBLX are now quickly moving within range of triggering another major breakout trade. That trade will hit if MBLX manages to take out some near-term overhead resistance levels at $2 to $2.10 and then $2.19 with high volume.
Traders should now look for long-biased trades in MBLX as long as it’s trending above its 200-day at $1.72, and then once it sustains a move or close above those breakout levels with volume that hits near or above 197,432 shares. If that breakout triggers soon, then MBLX will set up to re-test or possibly take out its next major overhead resistance levels at $2.32 to $2.67. Any high-volume move above $2.67 will then put $3 to $3.20 into range for shares of MBLX.
ok. $2.32 to $2.67 is next wall to take down and then over 3. $2.40 could be shorts last stand - how much are they willing to add to their position - will they add 1 million shs at this level when original shorting was probably around $8. I would not bet against them and am sitting tight but I hope some firms out there have to fire power to take them on.
unfortunately we failed more than enough times @ 2.39 not sure what we'll do frion here without very strong buying into the close. It's starting to look weak but you never know with this one asinle flurry can push us over 2.40 at the close
Ready, according to the street article $2.19 is the next resistance level. I’ve been watching level2 today and it appears the shorts are drawing a line in the sand at $2.18. I’d love to see this break $2.20 today but suspect the shorts won’t let that happen. Whoever is buying is very savvy and doing their best to accumulate without driving the price up too much. The recently run only goes to show that we don’t have a lot of sellers and the shorts still think they have the upper hand.
After watching this stock flounder for nearly a year I was beginning to think that the only one watching this stock was existing investors and shorts who promise regular to take away a few more pennies from friends, family and other Metabolix longs. Yesterday I was very surprised to learn that Roberto Pedone (a senior contributor to TheStreet) not only follows Metabolix but has been watching the charts, the trend and sees the potential for it to break $3 again if we see a breakout followed by high-volume.