5 Stocks Poised for Breakouts
One name in the biotechnology and drugs complex that's flirting with a major breakout trade is Synthetic Biologics (SYN), which is focused on the development of synthetic deoxyribonucleic acid (DNA)-based therapeutics and disease-modifying medicines for serious illnesses. This stock is off to a slow start in 2012, with shares off by around 10% so far.
If you look at the chart for Synthetic Biologics, you'll see that this stock formed a perfect triple bottom chart pattern just a few weeks ago at around $1.71 to $1.77 a share. Following that bottom, shares of SYN blasted off its 50-day moving average to its current price of around $2.30 a share. During that sharp spike higher, the upside volume for SYN has been tracking in very strong. A number of recent up days have registered volume between 125,000 to 264,000 shares, which is well above its three-month average action of 70,048 shares.
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