I don't think there is much technical or fundamental support for SNSS in the short term. Biotech is going through a bit of a correction right now - and SNSS will likely suffer more than most biotechs since it doesn't have any clear catalysts in terms of data readouts, etc in the next 3-6 months. If the market continues to weaken, i anticipate that SNSS will go down to about $4.50 or so a share. Here's a good SNSS trading strategy during this period: sell in the morning when SNSS shares tend to be strongest in the trading session and sell in the afternoon when they tend to be weakest. SNSS shares seem to follow this pattern in the majority of trading sessions.
i wish i were not right - as i'm a SNSS long - but SNSS is doing exactly as i predicted. it's continuing to go down, since it hasn't reached a support level yet (i think we'll see support around 4.3-4.5), and it is continuing to trade up early in a trading session and then down by the end (especially where the overall market is down or flat). Just today - SNSS went up at the open to 5.13 and then closed down at 4.86. My prediction - this will continue until a support level is reached.
SNSS has been in a trading range from 5 to 6 dollars for many months. I bought today because it's at the bottom of the range and has bounced off this level every time in the last several months. We'll see if you're right about it finally breaking out of the range and heading down into the 4s. I believe it will move back up in the next few days. This has been a buy the dips market. There was no sell in May and go away this year, which I think bodes well for the rest of the year. We'll see.
We'll see if it holds 5 today - i think it'll close below 5 either today or by week's end. Note today's trading pattern - at the open SNSS is up and then it sells off. This has been a consistent pattern. I'm not a day trader but if you are one, you could take advantage of the pattern. Also, query whether SNSS is worth holding long. Other biotechs have taken a beating lately and there might be other compelling buys out there too.