Onyx Pharmaceuticals (ONXX)
Average Volume: 1,121,300
Volume % Change: 86% Shares of ONXX are soaring today after Bank of America (BAC) upgraded the stock from neutral to buy and increased its price target from $47 to $57. From a technical perspective, ONXX is skyrocketing here on above-average volume. This move is quickly pushing the stock within range of triggering a major breakout trade. That trade will hit once ONXX takes out some near-term overhead resistance at $47.41 to $47.80 with high-volume. Traders should now look for long-biased trades, if ONXX can sustain a move or close above those levels with volume that's near or above 1,121,300 shares. If we get that action soon, then look for ONXX to easily trade north of $50. On the flipside, if ONXX fails to take those levels out, it could become a short candidate, since those levels have acted as tough resistance for a few months.