RGEN has been settling near the bottom of the trading range on low volume. It has formed a small head and shoulders pattern, but it seems to have relatively good support around the 50-day SMA and not many persistent sellers. This creates a favorable trade setup with plenty of upside potential. The 20-day SMA may pose a short-term resistance level as long as volume is low though. Since we have 2 drug trial catalysts coming up within 4 weeks, unless delayed for an unforseen reason, then we could see a lot of heads turning towards RGEN bringing in numerous more buyers and volume, catapulting us past resistance levels. This is still a speculative biotech play, but I am far more confident in drug trial news being bullish than FDA meetings.
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At the time of publication, Kudrna was Long RGEN but positions may change at any time.
