Ironwood Pharmaceuticals, Inc., an entrepreneurial pharmaceutical
company, discovers, develops, and commercializes human therapeutic
products. The company's lead product candidate, linaclotide, a guanylate
cyclase type-C agonist for irritable bowel syndrome with constipation
(IBS-C) and chronic idiopathic constipation (CIC) gastrointestinal
disorders under the LINZESS name in the United States and Constella name
in the European Union. It also has a pipeline focused on the research
and development of early development candidates and discovery research
programs in various therapeutic areas, including gastrointestinal
diseases, central nervous system disorders, allergic conditions, and
cardiovascular diseases. Ironwood Pharmaceuticals has collaboration and
license agreements with Forest Laboratories, Inc.
Please take a look at the 1-year chart of IRWD (Ironwood Pharmaceuticals, Inc.) below with my added notations:
This stock is very simple. IRWD had held a very important level of
support at $10 (blue) for the entire year. Regardless of what the market
has or has not down over that period of time, the stock had never
broken that level. Well, earlier this week IRWD broke below the $10
support and should be moving overall lower from here.
The Tale of the Tape: IRWD had a key level of
support at $10. Now that the stock has broken support, a trader might
want to enter a short trade at or near the $10 level with a stop placed
above that level. A break back above $10 would negate the forecast for a
move lower.
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