Another stock that's trading within range of a breakout trade is major drugs player Achillion Pharmaceuticals (ACHN), a biopharmaceutical company focused on the discovery, development and commercialization of treatments for infectious diseases. This stock is off to slow start in 2012, with shares off by around 13%.
If you take a look at the chart for Achillion Pharmaceuticals, you'll notice that this stock has been downtrending for the past six months, with shares dropping from a high of $12.46 to a recent low of $5.78 a share. During that move lower, shares of Achillion Pharmaceuticals have mostly made lower highs and lower lows, which is bearish technical price action. That said, during the last month and change, this stock has found buying interest near $6 a share and selling resistance near $7.60 a share.
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