PPR - Human Genome Sciences (HGSI) Pocket Pivot in Handle of C&H Formation

Published : September 30 2010 at 22:32 ET

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.

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