Stock Chart Analysis DNDN

Posted by downtowntrader | 6/27/2007 11:20:00 PM | 0 comments »

Stock Chart Analysis DNDN

Dendreon Corporation (Public, NASDAQ:DNDN)

I debated tonight on whether to mention DNDN as a chart to watch. While I think it might make a viable trade, I wouldn't recommend this stock as a longer term holding at all. There is just too much risk for anything more then a small trade with reduced exposure. Most people already know the news behind this stock, and if you don't, please take the time to read through some recent news. There are a lot of key levels to watch here that make this an interesting play. After the huge gap down, DNDN traded sideways while the market tried to figure out how to price DNDN. It ended up at a small premium to what it was trading at before the initial breakout. It then gapped higher after a letter from the FDA and basically retraced the entire move. It had a nice candle form on good volume today and it could bounce higher now as the market tries to reprice all the recent information. Again, this is a risky stock, so please do your own DD.

Good Trading,


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