Simon has over six years of professional trading experience across FX, commodities and equities. He has a strong passion for financial markets and is particularly focused on price action trading
Shares of 4d Pharma PLC (LON: DDDD) surged 10% today extending a major rally that started in mid-December shortly after we covered the stock here, should you buy this biotech stock?
Looking back at our analysis, we expected a move in either direction given the fact that the stock was trading near a major support level and at the tail end of a descending triangle pattern.
The price broke out of the triangle pattern to the upside as the support level held and is now up 34.5% over the past month translating to a yearly gain of 30.2%.
Traders stood the chance of profiting from the move given that 4d Pharma shares were trading at 92.4p when we covered the company, and are trading at 130p as of today, representing a 40% gain.
4D Pharma has had a series of positive developments this year and it is nice to see that reflected in its current stock price as the year comes to a close.
The stock surged higher after the company announced that it had joined Parkinson’s Progression Markers Initiative as an industry partner on December 18.
Traders who missed out on the recent rally may be best served to wait for a pullback in 4d pharma’s stock price before establishing new positions.*
*This is not investment advice.
4D Pharma share price
4D Pharma shares today surged 10% to trade at 131.5p having rallied from Thursday’s closing price of 119.5p.
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