Pip Pip Hooray
Shares of PharmAthene (AMEX: PIP) are trading lower on the session by 1.55%, at $1.27. The stock has been consolidating below the 20-day and 50-day moving averages for the past six to seven weeks, which is a bullish sign though.
With both major moving averages now smoothing, it appears that the bulls are getting back in the name. Notably, shares bottomed on Tuesday at $1.20, then proceeded to romp higher into Wednesday, touching an intra-day high of $1.34.
Now that the 20-minute and 50-minute moving averages have also bottomed, it is time to get long the name. Stock traders can buy shares right here with a stop loss set at either yesterday's low ($1.24) or Tuesday's low ($1.20). The upside potential here is north of $1.49.
The cherry on top here is the fact that PharmAthene is presenting at the 8th annual Noble Financial Equity Conference next Thursday.
A chart pattern, a stop loss, and a catalyst—that's a good recipe.
PharmAthene, Inc. is a biodefense company engaged in the development and commercialization of medical countermeasures against biological and chemical weapons.
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