NEW YORK (Market Intellisearch) — Shares of Ligand Pharmaceuticals Inc. closed above the 50-day moving average of $1.56. Technical analysts and investors who study trading patterns will view this development as a sign of strength. The price when compared to the moving average can be used as an indicator to determine the trend.

Today’s closing price of $1.68 $0.18(+12.00%) may indicate that LGND may head higher in the foreseeable future assuming the moving average continues to increase. On the volume side, 547,559 shares exchanged hands versus the average volume of 488,695. Today, the stock price ranged between $1.50 – $1.68 and the stock’s 52 week low is 1.3 and the high is 3.21.

Other relevant figures to examine are the support and resistance levels. Based on the pivot points, the current support and resistance levels for LGND are 1.56 and 1.74 respectively. If the resistance point price is broken in an upward movement, then the bullish trend is likely to continue and vice versa.