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Orexigen Therapeutics(OREX - Get Report) is a biopharmaceutical company focused on the development of pharmaceutical product candidates for the treatment of obesity. This stock is trading up 7.6% to $4.95 in recent trading.
Today's Range: $4.65-$5.14
52-Week Range: $1.26-$7.73
Volume: 2.9 million
Three-Month Average Volume: 4.1 million
Shares of OREX are ripping higher today in front of its presentation at an investor conference on Wednesday, and after it released related information about its ongoing drug studies ahead of the meeting.
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From a technical perspective, OREX is bouncing sharply here right off some near-term support at $4.50 with decent volume. This move is quickly pushing OREX within range of triggering a major breakout trade. That trade will hit once OREX clears some near-term overhead resistance at $4.85, and then once it takes out its 50-day moving average of $5.11 with high volume. At last check, OREX has hit an intraday high of $5.14 and volume is about 1 million shares below its three-month average action of 4,075,770 shares.
Traders should now look for long-biased trades in OREX once it sustains a move or close above $4.85 to $5.11 with volume that's near or above 4.1 million shares. If that breakout triggers soon, then OREX has a great chance of heading north of $6, and possibly tagging its July high of $7.73. Traders should key off of $4.50 to $4.30 as support zones if you buy off weakness.