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LBIO: Consolidating For A Move Higher

Published 01/03/2016, 01:46 PM
Updated 07/09/2023, 06:32 AM

I'm putting Lion Biotechnologies (O:LBIO) back on the list for another week. After making a big move in November, the stock has been in a consolidation mode and I feel it is going to make another upside move very soon. The volume has been quite modest and the MACD seems to be stabilizing (MACD histogram is now showing a positive divergence), which could power the rally that I think is coming. Additionally, the stock is still trading above its medium term EMAs with RSI also in the Bullish territory. If it breaks above 7.88 (200-day EMA), further up move can be expected. This is a fast moving stock, so watch it closely but use your stops if it fails on the breakout.
LBIO Daily Technical Chart

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