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Genetic Technologies(GENE) is a biotechnology company focused on expanding its genetic testing and reproductive service businesses in the Asia-Pacific region. This stock is trading up 19% at $4.08 in recent trading.
Today's Range: $3.70-$4.22
52-Week Range: $2.29-$6.20
Volume: 2.2 million
Three-Month Average Volume: 176,106
Shares of GENE are exploding higher today after the company announced that its breast cancer risk test has been cleared for sale into Florida.
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From a technical perspective, GENE is gapping up sharply here right off both its 50-day and 200-day moving averages at $3.41 with heavy volume. This move has also pushed GENE into near-term breakout territory, since the stock is pushing above some overhead resistance at $3.71.
Traders should now look for long-biased trades in GENE once it triggers its next major breakout trade. That trade will hit once GENE manages to clear some key overhead resistance levels at $4.28 to $4.79 with high volume. Look for a sustained move or close above those levels with volume that's near or above 176,106 shares. If that breakout triggers soon, then GENE will have a great chance to re-test or possibly take out its next major overhead resistance at $6.20.