Seel, welcome to the RIGL board. Your background in science and medicine will be a wonderful addition here.
Buy targets. Depending on time frame and style ( ie. starting with partial position just to be in etc) I see 2 critical factors. 1. Is the big money finished buying for now? 2. Is there a news catalyst that would cause ST price appreciation to continue?
First to watch is bid/ask spread within 5 minutes of market open and which direction it favors. Next is how much volume compared to last week each day in first half hour. This is where level 2 can be helpful in checking bid/ask sizes and which side of the trade they are stacking on.
Key price points. ST fast chart..http://stockcharts.com/h-sc/ui?s=RIGL&p=D&yr=0&mn=2&dy=0&id=p78635613776 $4.35 is bottom of price high candle body and bottom of candle tail friday close. A test of there would be very likely as we are outside the upper bb 3 consecutive days. $4.20 the bottom of Thursdays candle and top of Wed. candle is also a real possibility if volume is weak and there happen to be profit takers. ( I can't see Institutions selling yet as they are still building positions and/or in for the long term and we are just coming off a bottom. Therefore, I will assume that selling is almost exclusively retail or mm fishing for cheap shares. Also, since retail only has 5-8% of O/S the # of sellers should be very small. Given those things, I expect any dip will be pretty short.) $3.91 (the 10day) could be tested though I don't expect it based on the reaction Friday at $4.35. $3.60 would be mentioned as a low target from the b/o but I think odds are low for same reasons as above. Remember this is a fast chart with fast settings so not nearly as overbought on a normal daily as appears here. As always catalytic events trump chart TA.
Depending on Mondays trading the odds for each price point will change. Good Luck, excited to have you here.
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