$LXRX Buy positive news off of solid support, Trade idea
$LXRX was trading at around 15.3$ when pre-market this news came out (1) https://seekingalpha.com/news/3272571-lexicon-pharmas-sotagliflozin-successful-third-late-stage-diabetes-study It immediately spiked to around 17.5 pre-market (2). I came back to to original price and spike again , only to come down again for the second time. A good buy point was at (3), the previous closing price or support level. Actually there was washout even lower than prior close (overexcited early buyers trying to cut losses) So that emotional washout below the previous close with positive news was excellent entry. And of-course as market opened it spiked back up of > dollar a share to 16.5 range. It bulled back , made a double bottom and was a buy again (4)