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Dendreon(DNDN) is a biotechnology company focused on the discovery, development and commercialization of therapeutics that may improve cancer treatment options for patients. This stock is trading up 4.3% at $4.99 in recent trading.
Today's Range: $4.77-$5.15
52-Week Range: $4.17-$17.04
Volume: 4.3 million
Three-Month Average Volume: 4.9 million
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technical perspective, DNDN is bouncing off some near-term support here at $4.70 with decent volume. This move is quickly pushing DNDN within range of triggering a major breakout trade. That trade will hit once DNDN clears some near-term overhead
resistance levels at $5.16 to $5.34 with high volume.
Traders should now look for long-biased trades in DNDN as long as it's trending above $4.70, and then once it sustains a move or close above those breakout levels with volume that's near or above 4.9 million shares. If that breakout triggers soon, then DNDN will have an excellent chance of re-filling its previous gap and potentially trading up towards $6.50 to $7.50.
Keep in mind that if DNDN triggers that breakout with volume, then it will move back above its 50-day at $5.24, which is bullish technical price action.