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Bearish Moving Average Cross by InterMune (ITMN)

Published on Wed, 01/30/2013 - 12:15
By Peter Chu

InterMune (NASDAQ:ITMN) crossed under its 10-day moving average of $9.93 on a volume of 824K shares. This may provide swing traders with an opportunity for a short position, as such a crossover often suggests lower prices in the near term.

InterMune, Inc. is a biopharmaceutical company. The Company develops therapies for hepatology and pulmonology, including treatments for severe, malignant osteopetrosis and chronic granulomatous disease

There is potential upside of 63.6% for shares of InterMune based on a current price of $9.78 and an average consensus analyst price target of $16.00. The stock should hit resistance at its 200-day moving average (MA) of $9.78, as well as support at its 50-day MA of $9.62.

In the past 52 weeks, shares of InterMune have traded between a low of $7.21 and a high of $31.53 and are now at $9.78, which is 36% above that low price. The 200-day and 50-day moving averages have moved 0.37% lower and 0.81% higher over the past week, respectively.

By Peter Chu