Infinity Pharmaceuticals, Inc (NASDAQ:INFI) has been trading in a fairly consistent downtrend since Sept. 2 when the stock reached a high of $3.89. Infinity’s downtrend may be over if it is able to hold above a key support level at $2.63, and possibly create a bullish double bottom pattern at the area.
- Infinity may be settling into a bear flag pattern on the daily chart, and if it loses the key support level the stock could fall toward $2.16.
- In order for a trend change to occur Infinity would need to rise up above Monday’s high of $3.37.
- The stock’s relative strength index is nearing oversold territory at about 35%, which may indicate a bounce is in the cards.
- Infinity has resistance above at $2.99 and $3.43.
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