Inovio Pharma Traders Just Set A Lot Of Call Levels Near $6.50

The majority of stocks are off to a rough start in 2016, but Inovio Pharmaceuticals Inc INO has held its ground in a particularly weak biotech environment.

But after a big January rebound put Inovio’s stock back into positive territory in 2016, which prices are stock traders now watching closely?

According to data from Call Levels, traders now have Inovio price notification points centered around the $6.50 level. That level has been a favorite for traders since Feb. 19.

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Perhaps traders view this level as a key technical level to watch. The stock had been range-bound between around $6.25 and $6.75 for a couple of weeks until a Wednesday morning surge to nearly $7.

Inovio bulls could see $6.50 as the bottom of a new, higher trading range for the stock. On the other hand, if the stock once again dips below $6.50, short sellers could see it as a sign that the $6.25-6.75 trading range is back in play.

The $6.50 level is also approximately the midpoint between the stock’s 50-day and 200-day simple moving averages. The 50-day SMA has served as support for the stock since mid-February, and the 200-day SMA has been resistance for nearly a year now.

For now, the data indicates that many Inovio traders are watching the $6.50 level to try to identify any potential changes to Inovio’s trading pattern.

Disclaimer: Any comments, opinions, perspectives and analyses including but not limited to views etc. are that of the authors own, and in no way can be perceived as professional investment advice. Examples of analyses, calculations performed within the Content are only examples and/or instances taken from the Call Levels App. These analyses, calculations etc. should not be treated as professional investment advice, strategy or any variant of such forms as they are based on limited and open source information. All prices, data and calculations are correct at the time of posting.