TRVN Stock Price: Trevena Inc shares back away from the highs after FDA approval of OLINVYK
|- Trevena shares trade 13% lower after Monday's stellar performance.
- The price stopped at a previous resistance and bulls will be looking to break the zone.
TRVN stock forecast
Trevena shares (NASDAQ: TRVN) rocketed this week after the FDA approved OLINVYK in adults for the management of acute pain severe enough to require an intravenous opioid analgesic. In essence, Olinvyk is an opioid pain medicine delivered intravenously in hospital and health care settings that were designed to produce a rapid onset of action within two to five minutes. The drug is also said to have fewer side affects than traditional opioids, which is a huge plus.
Looking at the chart, the price shot over 55% higher over the last two weeks and 557% higher since mid April. One of the key features from the chart below is the extent of the volume coming into the market. The volume has been at its highest level since the companies IPO back in January 2014 and the main bulk of the business was done on Monday after the news was announced.
The price stopped at the previous wave high resistance near USD 3.58 per share. Over the coming few sessions it will be interesting to see if the bulls can break the zone and the technical indicators are pointing to that being a strong possibility. The Relative Strength Index is at its highest level ever on the weekly chart. The MACD histogram is also in the green and the signal lines are above the mid-point which is also positive.
USD 3.80 per share is the main resistance as it was the consolidation low between 2014-16 and if the price can beak back inside there it would send a strong signal to the market. It's amazing to think the all-time high is USD 13.57 per share and at the moment the price is 269% away from there.
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