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5 Biotech Stocks Under $10 Blasting Higher

Arena Pharmaceuticals

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Arena Pharmaceuticals (ARNA - Get Report) is a clinical-stage biopharmaceutical company focused on discovering, developing and commercializing oral drugs that target G protein-coupled receptors (GPCRs), in four therapeutic areas: cardiovascular, central nervous system, inflammatory and metabolic diseases. This stock is trading up 12% at $8.16 in recent trading.

Today's Range: $7.23-$8.18

52-Week Range: $1.23-$13.50

Volume: 14.5 million

Three-Month Average Volume: 23 million

From a technical perspective, ARNA is blasting higher here right off some key near-term support at $6.96 to $7.09 with decent volume. For the past few weeks, shares of ARNA have been consolidating at around $7, after it plunged off its July high of $12.07 with heavy selling volume. This move today could be signaling that ARNA has put in a near-term bottom and is ready to trend significantly higher.

>>5 Big Stocks Ready to Slingshot Higher

Traders should now look for long-biased trades as long as ARNA is trending above $7, and then once it takes out its 50-day moving average of $9.13 with high volume. Look for a sustained move or close over $9.13 with volume that's near or above 22,959,000 shares. If we get that move soon, then ARNA will have a great chance of re-testing or possibly taking out its next major overhead resistance levels at $10.35 to $11 in the near future.

On the flipside, I would avoid ARNA or look for short-biased trades if it fails to breakout, and then takes out those key support levels at $17.09 to $6.96 with high volume.

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