Another under-$10 name that looks ready to break out here is drug developer Astex Pharmaceuticals (ASTX), which engages in the discovery and development of small molecule therapeutics with a focus on oncology and hematology. This stock is off to a decent start in 2012, with shares up around 12%.
If you take a look at the chart for Astex Pharmaceuticals, you'll notice that this stock recently formed a double bottom chart pattern at around $1.57 to $1.58 a share in May. After making that bottom, shares of Astex Pharmaceuticals have started to uptrend strong, with shares mostly making higher lows ad higher highs, which is bullish technical price action. That move has pushed ASTX within range of triggering a major breakout trade.
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