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Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) - Bottom play


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#1 Costa

Costa

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Posted 19 April 2013 - 12:24 AM

Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) had some nice gains today hitting a high of $4.73 ! Less than a month ago, this stock was trading at over $7 !! That's a strong drop in price and with such a strong balance sheet ( $3.42 in cash ) I believe that RIGL could see an incredible bounce back ! By looking at the chart RIGL’s base is ready to explode and act as support. Additionally, there are signs of a possible bounce due to the oversold indicators and some positive divergences, which often leads to short covering. The next big resistance seems to be at the 13-day EMA around 5.14. But, I'll be more than happy if it gets above $5. With heavy volume at the end of today’s session, it looks to me that the stock is ready for a big bounce.

Stocks to Watch for April 19, 2013

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Edited by Costa, 19 April 2013 - 12:25 AM.

Costa
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