An Aggressive Trade in Array Biopharma

When the market gets volatile, I like the lower correlation biotech offers. While equities have managed to remain in a range, albeit testing the top and bottom within the same day more often than not, we still have strong charts in some individual stocks. Despite biotech losing a bit of its former headline grabbing attention, there are still plenty of great setups to be found. 

Array Biopharma (ARRY) is one of those names that fits the mold. The stock has been trending higher throughout 2018 offering a few opportunities to grab shares on the long side each time it revisits support. It may seems a bit counterintuitive to look at shares today since we are trading closer to resistance rather than support, but the breakout from the recent bull flag hints at higher prices before resistance comes into play. I'm looking for a move to the $20 area from this $18 breakout level. Support of $17.75 along with $16.50 should shield significant downside in technical terms, but as with almost any biotech, a fundamental surprise can hit at almost any time....103 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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