Step into the ARNA

31 May 2013

After months of sideways and downward movement, rolling waves and failed attempts to climb, I think, and it looks, like ARNA has finally pulled it out. This huge downward wedge helped to squeeze the price of ARNA into a B/O and climb. MACD has just begun positive divergence along with the best baseline since April. And the RSI read 64.908, so ARNA is not yet in overbought territory. I'm not holding a position in ARNA, but it was on my list of picks to check (just wish I would have seen this 4 days ago when I put it on my list). There is near-term resistance ahead, just over 9.00 but, I think you will definitely see 9.32 soon, out of ARNA, before it tries to retest the 11.00 mark. Seems like a decent bet, given all the factors, and bio-med and pharma doing well recently, for under $10. Happy trading