Forest Labs (FRX), the generic drug maker, is one of the stocks
picked up by our extreme breakout screener as of 1/13.
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FRX’s strength is weaker than that of S&P 500 (the red line
in the lower pane) and Dow Jones Pharmaceuticals index
(the red line in the upper pane). However, both lines are
going up. The trend appears to be up after having broken the
$30 resistance level. The next resistance area is $32.
Among the top analysts who have good records rating FRX,
there are one Buy, one Sell and two Neutral ratings. Average
rating from all analysts is Neutral. The medium forecast price
for the next 12 months is $35.50, the high is $46, the low is
$23.00. FRX closed Friday 1/13 at $30.90
Note that FRX is scheduled to release quarterly reports
next week. So be aware that any big earnings surprises
could move the stock either way.
Disclosure: I do not own the stock and do not plan to
initiate any positions in the next 72 hours.
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Tags: BreakoutTrader, Charts, Forest Labs (FRX), S&P 500 (SPX)
CMHTraders
Michael Kudrna
