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.
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