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5 Stocks Under $5 Making Big Moves

Stocks in this article: SNSS APP YGE MVIS OPWV

Sunesis Pharmaceuticals

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Sunesis Pharmaceuticals (SNSS - Get Report) is a biopharmaceutical company focused on the development and commercialization of new oncology therapeutics for the treatment of hematologic and solid tumor cancers. This stock is trading up 4% at $2.77 in recent trading.

Today's Range: $2.64-$2.88

52-Week Range: $1.01-$3.17

Volume: 146,000

Three-Month Average Volume: 388,394

>>7 Pharma Buys for 2012

From a technical perspective, SNSS is bouncing modestly today right off a previous support zone at $2.63 with below average volume. This bounce today is forming a continuation pattern of higher lows for SNSS that has been in place for the last month and change.

Traders should now look for long-biased trades in anticipation of a possible breakout above some near-term overhead resistance. That breakout will trigger once SNSS takes out $3.15 to $3.17 with high-volume. Look for volume on that move that's near or above 388,394 shares. If we get that action soon, look for SNSS to make a run at its next significant overhead resistance level at $3.69.

I would avoid any long trades in SNSS if it breaks back below $2.63 with volume.

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