Par Pharmaceutical traded in a range yesterday that spanned from a low of $34.00 to a high of $37.09. Yesterday, the shares gained 12.00%, which took the trading range above the 3-day high of $33.71 on volume of 1 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.
Shares of Par Pharmaceutical are currently trading above their 50-day moving average (MA) of $29.91 and above their 200-day MA of $27.35. Look for the MA to provide support for a short-term pullback in the shares.
SmarTrend has the shares in an Uptrend and expects the share price to pullback toward the $33.71 support level. Afterwards, we expect it to move upward with its peers in the SmarTrend Drug Manufacturers- Generic industry.
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