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. BobA: 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 (http://www.mysmartrend.com/briefs.asp?storytype=sl&storyid=7615 ). 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.
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