The big money always takes the other side of the trade from chasing retail traders. They were shorting it all day yesterday probably because it will be a while before sales are reported related to this FDA approval. The question now is will the support in the 1.90s hold or do they push it down to the 1.60 area to shake out as many people as they can. The market is just one big game of manipulation, so make sure you are on the same side of the trade as the big boys.
"it will be a while before sales are reported related to this FDA approval."
What about the revenue they are currently generating from other lines? They are not dependent on that single line, although the new line does have major potential
This stock should hold around $2.00 as support. A close over the 5DMA would be bullish imo and indicate that we are ready to move back up next week.
History shows that this stock has had some swift consolidation patterns. Up and down fast, while continuing to put in higher lows.
The 5DMA is at 2.03. holding above this is the longs minimum goal for the "close"
first of thats BS, screw the MM's and the traders if the stock is making money the stock price will go up plain and simple, they can manipulate all they want but sooner or later valuation always comes to the forefront, and if this approval blows up and makes cash then the stock price will follow plain and simple, if anything buy more on the dips,a stock notoriousily will give one several chances to buy at great prices this may be one of those times.
I'm not in this one but I really thought you guys would have a gap up this morning at least. Good luck to all longs... feel your pain... I was in Labopharm before approval... not fun after approval.