Don't Ignore This Chart

Is Endo Pharmaceuticals (ENDP) Passing The End Point?

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Endo Pharmaceuticals (ENDP) has been on a recent pullback from a wonderful uptrend. After moving from a close around $60 to a close over $95, Endo has had a 20% pullback and is still well above the 200 DMA! Impressive power! The month of May looks to be a consolidation pattern and a close above $85 would probably break the downtrend.  A horizontal break out above the last high of $86.72 is also close at hand. With a 50 period EMA for volume over 2 million shares/day, this stock sets up nicely.

 
 The MACD is starting to turn up, suggesting the lows may be in and it presents you with a tight stop location. The overall success in the Biotech arena has been tremendous. Maybe this one is setting up for its next leg higher. I found this stock by scanning for stocks moving above 75 on the SCTR. One of my favourite scans!

Good trading,
Greg Schnell, CMT

Greg Schnell
About the author: , CMT, is a Senior Technical Analyst at StockCharts.com specializing in intermarket and commodities analysis. Based in Calgary, he is a board member of the Canadian Society of Technical Analysts (CSTA) and the chairman of the CSTA Calgary chapter. He is also the author of Stock Charts for Dummies (Wiley, 2018). Learn More
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