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3 Hot Stocks to Trade (or Not)

Exelixis

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Nearest Resistance: $4.50

Nearest Support: $4.30

Catalyst: Share Offering

One stock that's pushing higher today is Exelixis (EXEL - Get Report), a small-cap biotech stock that's up around 3%. Rather than testing new highs, though, it's bouncing after falling like a brick. Shares are down around 30% in the last week, after shares peaked after news that the FDA was granting the firm's thyroid cancer therapy a priority review. Then, the selloff accelerated after Exelixis announced a 30 million-share offering at a hefty discount.

>>3 Biotech Stocks Under Surging Higher

While today's bounce bodes well for the stock (in the short term, it's causing a Japanese change-of-trend pattern called a "harami"), it's a bit too early for all but the most nimble traders to try to pick a bottom at this point. If shares can move above resistance at $4.50, the margin of safety is big enough to justify an opportunistic buy for folks who already like this stock.

Exelixis was also featured today in " 5 Stocks Under $10 Set to Soar."

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