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3 Stocks Under $5 Moving Higher

Dara Biosciences

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Dara Biosciences (DARA - Get Report) is a specialty pharmaceutical company focused on the development and commercialization of oncology treatment and supportive care pharmaceutical products. This stock is trading up 15.2% to 92 cents per share in recent trading.

Today's Range: $0.86-$0.98

52-Week Range: $0.62-$2.77

Volume: 2.5 million

Three-Month Average Volume: 79,554

Shares of Dara Biosciences are exploding higher today after news broke that the Helsinn Group of Switzerland announced that it has entered into an exclusive agreement with Dara for U.S. commercial rights to Gelclair, an FDA-cleared product indicated for the treatment of oral mucositis.

>>5 Oversold Stocks Ready to Bounce

From a technical perspective, DARA is skyrocketing here with monster volume. This move has pushed DARA into breakout territory, since the stock has moved above some near-term overhead resistance levels at 84 to 85 cents per share. At last check, DARA has hit an intraday high of 98 cents and volume is well above its three-month average action of 79,554 shares.

Traders should now look for long-biased trades in DARA once it triggers its next major breakout. That breakout will hit once DARA clears 98 cents and its 200-day moving average of $1.10 with high volume. Look for a sustained move or close above those levels with volume that's near or above 79,554 shares. If that breakout triggers soon, then DARA will have a great chance of re-testing or possibly taking out its next major overhead resistance level at $1.40.

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