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5 Biotech Stocks Under $5 Making Bullish Moves

Cleveland BioLabs

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Cleveland BioLabs (CBLI - Get Report) is a biotechnology company focused on developing biodefense, tissue protection and cancer treatment drugs based on the concept of modulation of cell death for therapeutic benefit. This stock is trading up 2.8% to $1.78 in recent trading.

Today's Range: $1.77-$2.00

52-Week Range: $1.15-$4.06

Volume: 451,000

Three-Month Average Volume: 285,275

>>Hot Biotech Stocks Traded by Hedge Funds

Shares of CBLI are ripping higher today after the company announced the results of new studies demonstrating potentially curative effects of CBL0137, in combination with chemotherapy in animal models of neuroblastoma.

From a technical perspective, CBLI is bouncing modestly here off some near-term support at $1.70 with above-average volume. At last check, this stock has hit an intraday high of $2.00, but it has since pulled back to its current price near $1.80. This move is now pushing CBLI within range of a near-term breakout trade. That trade will hit once CBLI takes out some near-term overhead resistance at $1.88 to $2.07 with high volume.

Traders should look for long-biased trades once CBLI sustains a move or close above those levels with volume that's near or above 285,275 shares. If we get that action soon, then I would look for the next major breakout trade to trigger once CBLI takes out $2.40 to its 200-day moving average of $2.58.

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