After Yesterday's Rally of 3.42% Shares Could Potentially Pullback
Alkermes (NASDAQ:ALKS) traded in a range yesterday that spanned from a low of $41.29 to a high of $44.00. Yesterday, the shares gained 3.4%, which took the trading range above the 3-day high of $42.81 on volume of 339,000 shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.
In the past 52 weeks, Alkermes share prices have been bracketed by a low of $27.14 and a high of $80.71 and are now at $43.32, 60% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 1.1% while the 50-day MA has advanced 1.1%.
SmarTrend recommended that subscribers consider buying shares of Alkermes on April 6th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $37.32. Since that recommendation, shares of Alkermes have risen 12.1%. We continue to monitor ALKS for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
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