RNN Watch

Rexahn Pharmaceuticals Inc. (RNN) is trading 18% above Wednesday's close on the second daily volume spike in a row. Today's price rise broke through the 20-day simple moving average and has put the stock within an area of resistance recorded in late April and early May.

	trend	adx	psar	pps	macd	macd trend	sto	sto trend
RNN $1.76

RNN hit a swing high of $3.68 on April collapsed the next day, down to $1.75, on bad news about clinical trials -- always a risk with pharma companies. There was no news today to buttress the price rise.

The company's normal volume range has been from 200,000 to 500,000, so the 2 million shares recorded Wednesday and the 3.5 million recorded so far today are an extraordinary level of interest, although the numbers fall short of activity during the run-up to the swing high.

Reversal Levels

• $2.08, +18.2%
• $1.96, +11.4%
• $1.87, +6.3%
• $1.76 <== You are here.
• $1.12, -36.4%

RNN's shares have traded below a dollar for 19 of the 26 months since the company went public, so the past four months have been quite unusual.

Short-term traders should also note that the run-up today to $1.87 peaked an hour into trading, and the price has retraced and meandered sideways since then on declining volume.

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Disclaimer

Tim Bovee, Private Trader tracks the trades of a private trader for his own accounts. Nothing in this blog constitutes a recommendation to buy or sell stocks, options or any other financial instrument. The only purpose of this blog is to provide education and entertainment. No trader is ever 100 percent successful in his or her trades. Trading in the stock and option markets is risky and uncertain. Each trader must make trading decision decisions for his or her own account, and take responsibility for the consequences.

Abbreviations:

• psar - Parabolic Stop and Reverse
• adx - Average Directional Index
• pps - Person's Proprietary Signal
• ma20 - 20-day moving average
• macd - Moving Average Convergence-Divergence
• sto - Fast Stochastic

About the glance: The colors indicate the state of each signal.

• trend: Determined by the 5-day moving average, green for up, red for down, yellow for sideways
• adx: orange for above 30-up, blue for 20-down, purple for in the middle. Red is most prone to whipsaws
• psar, pps, macd: green for bull mode, red for bear
• sto: green for overbought, red for oversold, yellow for the neutral zone.