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3 Health Care Stocks to Trade (or Not)

Arena Pharmaceuticals

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Nearest Resistance: $11.90

Nearest Support: $8.90

Catalyst: Obesity Drug Approval

>>22 Biopharma Stocks With Breakout Potential in 2012

Wall Street is going to be watching Arena Pharmaceuticals (ARNA - Get Report) closely today -- CEO Jack Lief will be ringing the closing bell of the Nasdaq this afternoon, celebrating FDA approval of the firm's obesity drug Belviq. The news came out yesterday, sending shares nearly 30% higher after investors found out that ARNA would own the first weight loss drug approved in 13 years.

Shares of Arena are trading in a very wide range, retracing around 7% today as profit takers exit the stock. With support and resistance so far apart in this stock, I'd recommend staying at the sidelines until ARNA can exit its consolidation phase.

Arena shows up on a recent list of Hot Biotech StocksTraded by Hedge Funds.

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