PLx Pharma Shares Rally After FDA Approves Supplemental New Drug Application

PLx Pharma Inc PLXP shares were trading higher Monday after the company announced that the U.S. Food and Drug Administration approved a supplemental new drug application for its lead products Vazalore 325 mg and Vazalore 85 mg, the first novel, liquid-filled aspirin capsule.

The stock was trading 11.57% higher at $8.29 at last check.

PLx Pharma's Technical Levels: PLX Pharma shares hit a low of $5.91 and a high of $17.33 during Monday’s premarket session on increased volume.

Bullish technical traders may call the premarket low speculative support and the premarket high speculative resistance.

The previous chart history shown on the 15-minute chart indicates there may be more speculative resistance at the $10 price level.

Looking at the daily chart below, it is possible to see that there is a speculative support at the $7 price level and a speculative resistance at the $10 level.

Bullish technical traders may ideally like to see a period of consolidation above the $7 price level and eventually a break of the $10 speculative resistance to get a movement in price further to the upside. Bearish technical traders may like to see a price movement below the $7 and a period of consolidation below that price level to get a further move down.