7 Stocks Soaring on Monster Volume

Idenix pharmaceuticals

Idenix pharmaceuticals (IDIX) is a biopharmaceutical company engaged in the discovery and development of drugs for the treatment of human viral diseases with operations in the U.S. and Europe. This stock is trading up 16.2% at $10.89 in recent trading.

Today's Volume: 4.8 million

Average Volume: 1.5 million

Volume % Change: 565%

Shares of IDIX are skyrocketing higher today after the company reported positive mid-stage trial date for its hepatitis C drug, suggesting it was closer to competing with larger drugmakers. Data from the trial showed that nearly all patients who responded to Idenix's experimental treatment were able to sustain their defense against the virus.

>>22 Biopharma Stocks With Breakout Potential

From a technical perspective, IDIX is gapping up huge here with monster volume. This move has pushed IDIX into breakout territory since the stock has taken out some near-term overhead resistance at $10.40 to $10.43.

Traders should look for long-biased trades if this breakout holds, and if IDIX can trigger its next major breakout trade. That trade will hit once IDIX takes out some more overhead resistance at $11.92 to $12.68 with high volume. Look for a sustained move or close above those levels with volume that's near or above 1.5 million shares. If we get that action soon, then IDIX could easily re-test and possibly take out its 2012 high of $15.25.

On the flipside, I would avoid long-biased trades if IDIX fails to hold that breakout above $10.40 to $10.43.

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