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Investors look to Lighten Up on Shares of MELA Sciences, Shares Down 14.8% (MELA)
[February 12, 2013]

Investors look to Lighten Up on Shares of MELA Sciences, Shares Down 14.8% (MELA)

Feb 12, 2013 (SmarTrend(R) Spotlight via COMTEX) -- MELA Sciences (NASDAQ:MELA) is one of today's worst performing low-priced stocks, down 14.8% to $1.44 on 2.0x average daily volume. MELA Sciences has traded 1.6 million shares thus far today, vs. average volume of 811,000 shares per day. The stock has underperformed the Dow (-14.8% to the Dow's 0.2%) and underperformed the S&P 500 (-14.8% to the S&P's 0.1%) during today's trading.

Electro-Optical Sciences, Inc. is a medical device company focused on the design and development of a non-invasive, point-of-care instrument to assist in the early diagnosis of melanoma. The Company's product features a device that captures images of suspicious pigmented skin lesions and extracts data. The data are then analyzed in order to provide information to the physician.

MELA Sciences (NASDAQ:MELA) has potential upside of 247.2% based on a current price of $1.44 and analysts' consensus price target of $5.00. The stock should run into initial resistance at its 50-day moving average (MA) of $1.90 and subsequent resistance at its 200-day MA of $2.88.

Over the past year, MELA Scienceshas traded in a range of $1.42 to $6.96 and are now at $1.44. In the last five trading sessions, the 50-day moving average (MA) has fallen 2% while the 200-day MA has slid 1.4%.

SmarTrend is tracking the current trend status for MELA Sciences and will alert subscribers who have MELA in their portfolio or watchlist when shares have changed trend direction.

Write to Chip Brian at --------------------------------------------------------------------------------------------- SmarTrend analyzes over 5,000 securities simultaneously throughout the trading day and provides its subscribers with trend change alerts in real time. To get a free trial of our trading calls and maximize your trading results, please visit Get exclusive, actionable insight into how the market is expected to trend prior to market open with our free morning newsletter. Sign up at:

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