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Fan Yang

Immunomedics Inc. (IMMU) Might Find Support Around 9.50

Immunomedics $IMMU has been on a bullish run since November 2016 from lows of about $2.00 to a height of about 14.50. It has since retreated in a relatively sharper correction than it has seen during the bull run. This could be a sign that IMMU has entered a period of consolidation and even bearish correction, but even so, we should anticipate some support around 9-9.50. 

IMMU Daily Chart

(click to enlarge)

Cluster of Support:
- The daily chart shows that price is back at the 100-day simple moving average, which it has held above throughout 2017. 
- There is also a previous resistance pivot around 9.50. 
- Furthermore, if price extends below 9.50, it is likely going to see a rising trendline around 9.00. 
- I would expect some support here. Perhaps, it will establish a range between the 14.50 high and this low for a period of consolidation.

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