FCSC – Fibrocell Science has made exceptional gains over the past few months reaching a 52 week high last week and sustaining over a 100% gain since the beginning of the year. The question traders and investors holding positions in FCSC now must ask, “Can current price levels be maintained and new support be established?” Looking at the chart over the past few sessions, FCSC looks to be attempting do just this very thing, consolidate recent gains, keep the uptrend intact and establish a new area of support.
As can be seen by the chart below, two down days followed after the 52 week high of 1.36 was reached last Wednesday leading into the weekend. Most of this selling was more than likely the result of traders taking profits and closing their positions before heading into the weekend. This week opened Monday with buyers completing a white candle for a positive up day, however bulls did run into some selling pressure evident from the long shadow on top of Monday’s candle.
The struggle continued in today’s trading as buyers were able to win the day with a small gain of 1.59% on 808,268 shares traded. Selling pressure was forceful today but the bulls were strong shown in the long lower shadow on today’s candlestick. FCSC nevertheless will be interesting to watch in the coming days to see if a new area of support is established or a pullback is in the cards.
