Forest Laboratories, Inc. develops, manufactures, and sells branded
forms of ethical drug products primarily in the United States and
Europe. It principally offers Namenda for the treatment of moderate and
severe Alzheimer's disease; Bystolic for the treatment of hypertension;
Savella for the management of fibromyalgia; Teflaro for the treatment of
adults with skin and skin structure infections, and community-acquired
bacterial pneumonia; Daliresp to reduce the risk of chronic obstructive
pulmonary disease (COPD) exacerbations in patients with severe COPD; and
Viibryd for the treatment of adults with major depressive disorder
(MDD). The company has products under new drug application review by
Food and Drug Administration comprising Aclidinium for the maintenance
treatment of COPD; and Linaclotide for the treatment of
constipation-predominant irritable bowel syndrome and chronic
constipation.
To review potential trading opportunities with Forest's stock, please
take a look at the 1-year chart of FRX (Forest Laboratories, Inc.)
below with my added notations:
FRX appears to be forming a double top price pattern (blue) from July
until now. Double tops are reversal patterns and are as simple as they
sound: Rallying up to a point (T), selling off to a support, and then
rallying back up again to approximately the same top (T). As with any
price pattern, a confirmation of the pattern is needed. FRX would
confirm its pattern by breaking below the $42 support (red) that has
been created by the double top pattern.
The Tale of the Tape: FRX could be forming a double
top pattern. A long trade could be made at $42 or on a move above $45
(resistance). A short trade could be made on a break of $42, which would
confirm the double top.
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