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3 Stocks Under $5 Ripping Higher

Astex Pharmaceuticals

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Astex Pharmaceuticals (ASTX - Get Report) engages in the discovery and development of small molecule therapeutics with a focus on oncology and hematology. This stock is trading up 14.6% to $2.75 in recent trading.

Today's Range: $2.42-$2.80

52-Week Range: $1.51-$2.95

Volume: 1.1 million

Three-Month Average Volume: 637,953

>>5 Biotech Stocks Under $5 Blasting Off

From a technical perspective, ASTX is ripping huge to the upside here right off some near-term support at $2.40 with monster volume. This move has pushed ASTX into breakout territory, since it's taken out some near-term overhead resistance at $2.60. Traders should now watch for the next major breakout trade to trigger for ASTX. That trade will hit once ASTX takes out some past overhead resistance levels at $2.78 to $2.95 with high volume.

Traders should now look for long-biased trades once ASTX sustains a move or close above those levels with volume that's near or above 637,953 shares. At last check, ASTX has hit an intraday high of $2.80 and volume is well above its three-month average action of 637,953 shares. If that breakout triggers soon, then look for ASTX to re-test and possibly take out its next major overhead resistance levels at $3.21 to $3.35.

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