Stock Chart Analysis MRX
Medicis Pharmaceutical Corporation(Public, NYSE:MRX)
MRX is posing an interesting setup here. It cleared a long base in May on a high volume gap. It has been trading sideways since the breakout, attempting to fill the gap on a few occasions. Every attempt to pullback into the gap and prior base has been met with sharp buying. Volume has been tapering off through the consolidation which is a healthy sign. The bollinger bands have also narrowed tightly, revealing the drop off in volatility. Volatility should be ready to expand soon, and the stock should have a nice move once it gets going. While Bollinger bands don't predict the direction of the breakout, there are plenty of signals on this chart hinting at an upside breakout. I'll be watching for a break above 16 to hold as a signal.
Good Trading,
Joey
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