Xoma Corporation at Key Technical Level

Shares of Xoma Corporation

are at a critical technical level after bouncing off long term support at the 3.65 level. Shares of XOMA have tested the 3.65 support level in mid July, mid October and mid November. with the stock holding support each time and rallying to trade higher. XOMA did break the support level briefly again on December 23, only to once again rally and move higher. Yesterday the stock did fall back to close at 3.65, right at the support level. Today's price action should be critical from a technical perspective, with a break of 3.65 perhaps leading to a move towards the next major support level at the 3 level. A bounce off 3.65 could lead the shares to move towards the 200 day moving average level of 4.38.