An under-$10 stock in the biotechnology and drugs complex that looks ready to trigger a near-term breakout trade is Galena Biopharma (GALE), which is focused on discovering, developing and commercializing therapies addressing unmet medical needs using targeted biotherapeutics. This stock is off to a monster so far in 2012, with shares up over 240%.
If you take a look at the chart for Galena Biopharma, you'll see that this stock has been trading range bound for the last three months, between $1.04 on the downside and $1.92 on the upside. This stock recently has started to move back above its 50-day moving average of $1.41 a share, and it's been finding support near $1.50 a share. Traders should now keep an eye on GALE for a potential major breakout trade if this stock can take out the upper-end of its recent range with volume.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV