Marinus Pharmaceuticals Inc (NASDAQ:MRNS) after a big price and volume surge in January of this year, the stock has gone sideways and consolidated in the 1.19-1.50 trading range, forming an ascending triangle pattern. On Thursday, it finally broke the upper line of this bullish pattern on the heaviest volume in the last few weeks. This is a good sign for a continuation of the trend and I’m looking for a breakout above the January highs. If stock continues the move on strong volume next week, will still be a buy.
From a technical standpoint, all three major technical indicators are in bullish zones. Upward momentum on MACD looks strong and the Slow stochastic is also showing strong upward momentum. RSI still in positive territory. I used the pullback on Friday to the neckline to added stock. Lets keep an eye on her.
This is a guest post by António Costa, acclaimed trader and the popular author of AC Investor Blog. All views and analysis belong to the author.