Shares of company have rebounded following a sharp decline caused by disappointing financial results on November 10.
Juno Therapeutics is a clinical-stage developer of novel cellular immunotherapies that treat cancer.
One of the more challenging and volatile groups in 2015 has been biotech. There has been no rhythm or trend, and if you're in the wrong name at the wrong time you'll get smacked hard. Some of the best names have enormous promise for the future, but as traders we have to be focused on the best price action, trends and volume patterns.
We have seen Juno Therapeutics rise and fall multiple times this year. Moments of strength and weakness during 2015 have given us many chances to make money on this volatile name.
This latest move shows good relative strength, higher lows and higher highs. Last week saw Juno attempting to break out from a range. The stock is overbought, but that is not a sell signal. The channel of higher lows and highs is well defined, and we could see the stock move up toward the higher end of it very quickly ($63 or so, 10% higher from Friday's close).
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