Alkermes (NASDAQ:ALKS) traded in a range yesterday that spanned from a low of $12.47 to a high of $13.20. Yesterday, the shares gained 2.72%, which took the trading range above the 3-day high of $12.93 on volume of 625,000 shares.
Shares of Alkermes are currently trading above their 50-day moving average (MA) of $12.02 and above their 200-day MA of $11.07. Look for these MAs to provide support for a short-term pullback in the shares.
SmarTrend is bullish on shares of Alkermes and our subscribers were alerted to Buy on June 18, 2010 at $12.43. The stock has risen 6.2% since the alert was issued.
SmarTrend has the shares in an Uptrend and expects the share price to pullback toward the $12.93 support level. Afterwards, we expect it to move upward with its peers in the SmarTrend Drug Delivery industry.