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12 Takeaways From Questcor's Chart


The fundamentals of this biopharmaceutical company look solid.

Questcor Pharmaceuticals (NASDAQ:QCOR) is a biopharmaceutical company that provides drugs for the treatment of multiple sclerosis, nephrotic syndrome, and infantile spasms indications.

What I Am Looking At:
  • In late August, shares peak at an all-time high of $74.76.
  • A bearish head-and-shoulders pattern played out after hitting a target of $55.
  • Shares pulled back just over 20% from August peak.
  • Shares are possibly catching support from the rising 80-day moving average (purple line), which has had significance in the past.
  • Late July's upside gap area could also add to the support case.
  • Peak put open interest at the 55-strike could be a roadblock for further declines in share price.
  • Daily RSI (Relative Strength Index) is indicating oversold condition.
  • Short interest has been rapidly declining, which is an indication that shorts are in cover mode.
  • 18% percent of the float remains short.
  • Seven days to cover.
  • 10-day buy-to-open put/call ratio stands at 1.74, expressing a near extreme in pessimism.
  • Fundamentals look solid as quarterly revenue growth (year-over-year) is 64% percent and quarterly earnings growth (year-over-year) is 72%.

Conclusion: Looking for shares to resume uptrend from 80-day moving average pullback

This article by Tony Venosa, CMT, was originally published on Schaeffer's Investment Research.

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Twitter: @schaeffers
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