NOVELOS THERAPEUTICS FALLS 17.50% ON HEAVY VOLUME: WATCH FOR POTENTIAL REBOUND (NVLT) Print Share Jan 10, 2011 (SmarTrend(R) News Watch via COMTEX) -- Novelos Therapeutics (NASDAQ:NVLT) traded in a range yesterday that spanned from a low of $0.03 to a high of $0.04. Yesterday, the shares fell 17.50%, which took the trading range below the 3-day low of $0.04 on volume of 738,000 shares. Often times after large one-day declines, short-term traders may play for some degree of mean revision.
Shares of Novelos Therapeutics are currently trading below their 50-day moving average (MA) of $0.04 and below their 200-day MA of $0.10. Look for the MA to provide resistance for a short-term rebound in the shares.
SmarTrend currently has shares of Novelos Therapeutics in an Downtrend and issued the Downtrend alert on June 08, 2010 at $0.14. The stock has fallen 72.4% since the Downtrend alert was issued.
SmarTrend expects the share price to rebound toward the $0.04 resistance level. Afterwards, we expect it to move downward with its peers in the SmarTrend Biotechnology industry.
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