Dallas, Texas 05/02/2014 (FINANCIALSTRENDS) – Opko Health Inc. (NYSE:OPK) gained around 1.45% after closing at the day’s high of $8.39. The stock saw some downside in its intraday session but managed to close in the green.
Opko Health Inc. (NYSE:OPK) has been on a substantial downside in the last month with the exception of this week in which the stock has gained more than 4%.
The stock seems to be stuck in a range of $8.46 on the upside and $7.77 on the downside, we believe the stock needs to break above or below these levels to see any prominent trend. The stock is trading below its 50 day moving average and 200 day moving averages which stand at $9.04 and $9.03 respectively.
The stochastic oscillator for the stock on the daily chart suggests a very strong bullish trend in the making, the oscillator has curved upwards from 20 mark, and this is clear sign of a steady bullish trend in the stock. The relative strength index too has gained a positive upward trend, we believe the stock has bottomed out and is witnessing a stable trend reversal, the stock should continue to scale upwards and should see the stock test $9.2 in the recent future.
The stochastic oscillator on the weekly chart suggest the stock could see a downside from the current levels, the relative strength index looks strong and is giving strong buy signals, we believe the stock has a good potential to scale upwards with good support levels the stock should remain above $8 levels.
From the current levels the stock has a good support around $7.66 levels and on the upside the stock has a strong trend line resistance around $8.68 levels.
Opko Health Inc. announced they have come out with a new test that helps detect prostate cancer and the test is called 4K score TM TEST. The company claims the test will reduce biopsies that are conducted in the U.S.