Don't Ignore This Chart!

Is Endo Pharmaceuticals (ENDP) Passing The End Point?

 | 

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. He is also the co-author of Stock Charts For Dummies (Wiley, 2018). Based in Calgary, Greg is a board member of the Canadian Society of Technical Analysts (CSTA) and the chairman of the CSTA Calgary chapter. He is an active member of both the CMT Association and the International Federation of Technical Analysts (IFTA). Learn More
Subscribe to Don't Ignore This Chart! to be notified whenever a new post is added to this blog!
comments powered by Disqus