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Discovery Laboratories(DSCO - Get Report) is a biotechnology company developing surfactant therapies to treat respiratory disorders and diseases. This stock is trading up 4.8% at $2.83 in recent trading. Today's Range: $2.61-$2.90 52-week Range: $1.44-$5.39 Volume: 824,000 Three-Month Average Volume: 716,903
From a technical perspective, DSCO is moving notably higher here with above-average volume. This move has now pushed DSCO into near-term breakout territory, since the stock has started to move above some resistance at $2.72.
Traders should now look for long-biased trades as long as DSCO is trending above $2.72 with
strong upside volume flows. At last check, DSCO has hit an intraday high of $2.90 and volume is above its three-month average action. If you get long this stock over $2.72, then I would look to add aggressively once some more overhead resistance at $3.15 gets taken out with high-volume.
If we see $3.15 get taken out with volume, then DSCO could easily fill a previous gap-down and tag $3.70 or more. I would consider any upside volume day that registers near or above 716,903 shares as bullish.
On the flipside, I would avoid DSCO if it fails to hold its trend above $2.72, or if it takes out its 50-day
moving average at $2.55 with volume
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