Dendreon Corporation (NASDAQ:DNDN)
Yes this time I am actually asking an investment question, not asking you to read or mention it somewhere.
Dendreon has for weeks it seems been stuck in a $23 channel, give or take up and down small moves.
Today, it probably has showed its longest time past that resistance in awhile.
Why do you think it did so on such a low volume?
Traders aren't on vacation yet are they?
Last, any clue, I have read plenty of different ones. Options, hedge funds etc, but why $23? Any idea why that proved to be the number of hell!
As usual blame it on the shorts I guess.
Love your comments and advice, especially on Scottrade.
Get a large % of the float to turnover. Our IBDV is trending lower and our NBDV is flat so nothing indicating rising momentum just yet. MACD showing negative divergence as Dendreon has yet to participate in the latest rally in the S&P. Should be expected after such a big gap up on the positive drug news.
Interestingly, when I look at a longer chart I see DNDN spiked to a high of $25.25 on 4/10/07. Always possible there is overhead supply from around that date. If you take the midpoint of the high (25.25) and low (20.26) on that day, you get $22.75.
Not a coincidence that $23 is a magic number.
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