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Transcept Pharmaceuticals (
TSPT) is a specialty pharmaceutical company focused on the development and commercialization of proprietary products that address important therapeutic needs in neuroscience. This stock closed up 7.4% to $3.02 on Thursday.
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From a technical perspective, TSPT bounced sharply higher here right around some previous support levels at $2.90 to $2.87 with decent upside volume. This stock has been downtrending badly for the last five months, with shares plunging from its high of $6.77 to its intraday low of $2.81. During that move, shares of TSPT have been consistently making lower highs and lower lows, which is bearish technical price action. That said, shares of TPST could be marking a bottom here near $2.90 to $2.80, since the stock has held those levels for the last month and change.
Traders should now look for long-biased trades in TSPT as long as it's trending above $2.80 and then once it sustains a move or close above some near-term overhead resistance levels at $3.10 to $3.25 and above $3.31 to $3.40 with volume that hits near or above 149,211 shares. If that breakout triggers soon, then TSPT will set up to re-test or possibly take out its next major overhead resistance levels at $4.25 to $5.
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