Matinas BioPharma Holdings Inc (NYSEAMERICAN: MTNB) is having an incredibly strong day in the market today. However, if you go digging for a reason why, you’re not going to find any news or press releases. Nonetheless, that doesn’t necessarily mean that this run has no reason behind it. Today, we’ll talk about:
- Why MTNB is running for the top;
- what we’re seeing from the stock; and
- what we’ll be watching for ahead.
Here’s What’s Happening With MTNB
As mentioned above, Matinas BioPharma is having a great day in the market, but there seems to be no reason for the run. A search of SEC filings and press releases leaves investors empty handed. In fact, the last press release was issued 21 days ago when the company announced the issuance of a patent protecting its next generation Omega 3. Since then, the company has been quiet.
The truth of the matter is that these gains aren’t caused by news, they’re caused by technical signals. Recent investor interest in the stock has started to push the need upward. Over time, this upward movement started to hit trader’s dashboards with technical signals screaming buy this stock. One of the most important of these signals happened today.
Early this morning, MTNB crossed over the upper bollinger band. This is generally a sign of a shift in the trend and that the trend will be bullish ahead. This was likely the buy signal that led to the gains we’ve seen so far today. However, it’s also a signal that the gains will continue. I’m looking for a breakout above the $1.06 mark. If this happens, we could see quite a bit of upward movement ahead!
What We’re Seeing From The Stock
As buying signals continue to hit the trading desks around the web, Matinas BioPharma continues to climb. As is normally the case, our partners at Trade Ideas were the first to alert us to the gains. Currently (11:36), MTNB is trading at $1.03 per share after a gain of $0.14 per share or 15.74% thus far today.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on MTNB. In particular, we’re going to follow the trend to see if the bollinger crossover leads to the bullish run it usually does. While technical trading can be a very successful game, there is no 100% foolproof way to predict trends. Nonetheless, we’ll continue to follow the story and bring the news to you as it breaks!