Monday, October 09, 2006

Technical Trade Idea - Acorda Therapeutics Inc. (Public, NASDAQ:ACOR)

Expect to see a pullback in ACOR this morning. Friday afternoon, it carved out a lower high on the intraday chart as we can see from the 15 minute timeframe above. This morning the boutique firm Rodman and Renshaw has downgraded ACOR from Outperform to Market Perform based on valuation. Look for a possible long entry as price lifts from one of the support levels (horizontal blue lines), ideally in tandem with support of the trendline.

Thanks to Cal for bringing this stock to my attention.

2 comments:

Cal said...

Good Call! Love the Site, keep those trades rolling in the green! -Cal

Jamie said...

Thanks Cal,

These momentum plays sometimes take a while to come back in. But I see that it carved out a NR stick with a long upper shadow today which usually signals a reversal. We'll soon see how it plays out.