Please take a look at the 1-year chart of PCRX (Pacira Pharmaceuticals, Inc.) below with my added notations:
PCRX has reached a very important price of $70 based on two different levels of potential support. First, the $70 level itself (purple) has simply been key to the stock on multiple occasions already. In addition, PCRX is approaching a potential up-trending level of support (blue) and that trendline is also getting close to the $70 level.
The Tale of the Tape: PCRX has a key area of support at $70. A long trade could be made at $70 with a stop placed below that level of entry. However, if the stock were to break below $70 traders might want to look to get short on the stock.
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