ASX Traders Report: Sirtex Medical (SRX)
Sirtex Medical Limited (SRX) is a biotechnology and medical device group whose primary objective is to manufacture and to distribute effective liver cancer treatments utilising small particle technology to approved markets in Asia Pacific, Americas, Europe, Middle East and Africa (EMEA). Sirtex’s key product is SIR-Spheres microspheres, a treatment for liver cancer.
From a technical perspective the share price broke out to an all time high of $16.80 on Monday after a positive market presentation delivered by company CEO Mr Gilman Wong in Sydney on May 8th.
The chart below shows the formation of an ascending triangle with a horizontal resistance level at $16.40. The share price was able to breakout and close above this resistance level on Monday May 12th on good volume. This breakout is likely to lead to further price increases in the medium term. The share price was supported by the 50 day moving average so any share price weakness may find support at this dynamic support level.
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