GAP REVIEW
On November 17th, 2014, CLDX gapped up and closed over the 200-day moving average for the first time since March of 2014. The surge of the gap-up created a huge interest in the stock, as it traded over ten times its daily average volume.
This shows us large institutions were picking up shares for a bigger move in the coming days. The gap up was a reaction to news that CLDX reported positive results from its phase-three study for its brain cancer drug.
KEY LEVEL
Demand exists into $19.65 from the gap day low. Supply exists overhead into $25.00.
THE TRADE
- Long at $18.05
- Stop under $16.00
- Target the $25.00- $32.00 area.
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