Chart of the Day: Medidata (MDSO:NASDAQ) $MDSO

Given the way that according to Medidata’s Twitter feed “the total amount of #healthdata in the world is expected to soar to 2,314 exabytes, 15 times what it was in 2013” one would have thought that medical science might have cured cancer, obesity, wrinkles and even baldness by now.

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Clearly, number crunching works on the “garbage in garbage out” rule in some aspects of data analysis. However, it is clear that this company is at the heart of a booming area, effectively providing its picks and shovels.

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The daily chart features the large, and as yet unfilled April gap to the upside, with the likely support coming in towards the 50 day moving average now at $86.49. The likelihood at this stage is that at least while above the 50-day line the upside here could be as great as the top of October’s rising trend channel at $105 over the next 1-2 months.

Author: Zak Mir

Financial commentator, interviewer, technical analyst

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