PPR - Human Genome Sciences (HGSI) Pocket Pivot in Handle of C&H Formation
After a meteoric rise in 2009 that took the stock from 45 cents to 34.49 as recently as April 2010, Human Genome Sciences (HGSI) has been working on a cup-with-handle base formation as it has consolidated these huge prior price gains. The promise of Benlysta, a new drug for lupus, is what has been diriving the price/volume in the stock, and we note that the stock flashed a pocket pivot buy point within its handle today. This is interesting action on what was a weak day for the general market. We would expect this to hold the 50-day moving average just under the 29 price level.
This information is provided by Virtue of Selfish Investing, LLC (VoSI) is issued solely for informational purposes and does not constitute an offer to sell or a solicitation of an offer to buy securities. Information contained herein is based on sources which we believe to be reliable but is not guaranteed by us as being accurate and does not purport to be a complete statement or summary of available data. VoSI reports are intended to alert VoSI members to technical developments in certain securities that may or may not be actionable, only, and are not intended as recommendations. Past performance is not a guarantee, nor is it necessarily indicative, of future results. Opinions expressed herein are statements of our judgment as of the publication date and are subject to change without notice. Entities including but not limited to VoSI, its members, officers, directors, employees, customers, agents, and affiliates may have a position, long or short, in the securities referred to herein, and/or other related securities, and may increase or decrease such position or take a contra position. Additional information is available upon written request. This publication is for clients of Virtue of Selfish Investing, LLC. Reproduction without written permission is strictly prohibited and will be prosecuted to the full extent of the law. ©2016 Virtue of Selfish Investing, LLC. All rights reserved.