One final stock that's quickly nearing a big breakout trade is OxiGene (OXGN). This is a clinical-stage, biopharmaceutical company that's developing therapeutics to treat cancer and eye diseases. This stock has traded up slightly so far in 2012 with shares up over 5%.
If you look at the chart for OxiGene, you'll notice this stock was drilled after it printed $1.97 in early November, falling to a recent low of $0.89 a share. After hitting that near-term low, this stock has started to trade sideways between $0.97 and $1.37 a share. A move to the upside outside if that sideways trading pattern should break this stock out and potentially set it up for a sharp spike higher.Market players should watch OXGN for a high-volume move and close back above some near-term overhead resistance at $1.16 and then above $1.37 a share. Watch for volume to track in close to or well above its three-month average action of 475,874 shares. At last check, volume has already hit over 700,000 shares, so market players should now watch for OXGN to close above its 50-day moving average of $1.03. If we get that action, then OXGN has a good chance to break out next week and spike higher once $1.16 is taken out with volume. A sustained high-volume move or close over $1.16 should set this stock up to re-test $1.37 to $1.97 a share. That $1.97 level could easily get hit once $1.37 is taken out with heavy volume, so keep this name on your trading radar for next week. To see more breakout candidates like Melco Crown Entertainment (MPEL - Get Report), Opnext (OPXT) and Mag Silver (MVG), check out the Breakout Stocks of the Week portfolio on Stockpickr. -- Written by Roberto Pedone in Winderemere, Fla.
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