Dendreon (DNDN): The Sky’s The Limit
Dendreon (DNDN) is grinding order out of chaos. This hot stock rallied into the upper 20s in 2000, 2007, and again in late April of this year. It then settled into the low 20s through May and is now ticking higher. It tested the rally high last Friday and pulled back for two sessions. A buy rating from Citigroup this morning has lifted price back to 26.40, which is just under last week’s high.
A rally over 9-year resistance could trigger a major move that lifts price into the 40s in a relatively short time frame. It goes without saying, however, this is an extremely volatile stock. In other words, you can lose a fortune being on the wrong side of this trade.
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