Ironwood Pharmaceuticals, Inc., an entrepreneurial pharmaceutical company, discovers, develops, and commercializes human therapeutic products. The company's lead product candidate, linaclotide, a guanylate cyclase type-C agonist for irritable bowel syndrome with constipation (IBS-C) and chronic idiopathic constipation (CIC) gastrointestinal disorders under the LINZESS name in the United States and Constella name in the European Union. It also has a pipeline focused on the research and development of early development candidates and discovery research programs in various therapeutic areas, including gastrointestinal diseases, central nervous system disorders, allergic conditions, and cardiovascular diseases. Ironwood Pharmaceuticals has collaboration and license agreements with Forest Laboratories, Inc.
Please take a look at the 1-year chart of IRWD (Ironwood Pharmaceuticals, Inc.) below with my added notations:
This stock is very simple. IRWD had held a very important level of support at $10 (blue) for the entire year. Regardless of what the market has or has not down over that period of time, the stock had never broken that level. Well, earlier this week IRWD broke below the $10 support and should be moving overall lower from here.
The Tale of the Tape: IRWD had a key level of support at $10. Now that the stock has broken support, a trader might want to enter a short trade at or near the $10 level with a stop placed above that level. A break back above $10 would negate the forecast for a move lower.
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