Biosante Pharmaceuticals (NASDAQ:BPAX) traded in a range yesterday that spanned from a low of $1.55 to a high of $1.65. Yesterday, the shares fell 4.88%, which took the trading range below the 3-day low of $1.58 on volume of 157,000 shares.
Shares of Biosante Pharmaceuticals are currently trading below their 50-day moving average (MA) of $1.89 and below their 200-day MA of $1.75. Look for these MAs to provide resistance for a short-term rebound in the shares.
SmarTrend is bearish on shares of Biosante Pharmaceuticals and our subscribers were alerted to Sell on May 25, 2010 at $1.83. The stock has fallen 14.5% since the alert was issued.
SmarTrend has the shares in a Downtrend and expects the share price to rebound toward the $1.58 resistance level. Afterwards, we expect it to move downward with its peers in the SmarTrend Biotechnology industry.