GNCA Performed well Today off the back of data from its trial...

GNCA Stock was up almost 400 pips today on heavy trading volume after the company reported positive efficacy data from a Phase 2 trial for its genital herpes treatment. It rallied until it exhausted itself at Oct 2014 multiple resistance area (7.75,8.25 respectively). Indicators are signaling a Pullback is imminent, prices could consolidate around these levels for a while and on from that period will help determine direction. Although today does look promising unfortunately in my opinion on researching this company it does have a number of negative factors which could well outweigh any positive news and data that comes out here and there. Also the history of the stock's performance isn't great, before todays data the stock was in a downtrend...that can't be ignored.

Trade stängt: målet nått:

I Shorted this at the open and closed my position at 615 as we go into the weekend, however more Downside is Likely in my opinion.