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), Opnext (OPXT) and Mag Silver (MVG), check out the Breakout Stocks of the Week portfolio on Stockpickr. -- Written by Roberto Pedone in Winderemere, Fla.
Twitter and become a fan on Facebook.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV