Human Genome Sciences (NASDAQ:HGSI)

Q: Chip Do you think HGSI has anymore steam left? Looks like it's making a new 52 week high. Bob

A: HGSI made an incredible move yesterday.  We issued an Uptrend back on April 16th and just last Thursday, we reiterated our bullish view with a spotlight on July 16th ( ).  That said, when a stock has moved up 600% since our first call and almost 300% in a day, it may be tempting to try and chase those gains but it may be prudent to see if there is a pullback or consolidation first.  The stock is basically back near its last resistance level of $12 where it was in January 2008 before it gapped down to around $6 on some news.  If it can successfully consolidate around the $10-$12 area then the next level of strong resistance is in the $14 range.