Affymax (AFFY) is a biopharmaceutical company engaged in developing drugs to improve the treatment of serious and often life-threatening conditions. This stock is trading up 4.7% at $24.90 in recent trading.
Today's Volume: 1.1 million
Average Volume: 922,672Volume % Change: 106% From a technical perspective, AFFY is ripping higher here with above-average volume. This move is coming after AFFY recently broke out above some near-term overhead resistance at $22 with high volume. This action is also starting to push AFFY into overbought territory, since the stock has a relative strength index reading of 81. Overbought can always get more overbought, so traders should continue to look for more upside in AFFY. Traders should now look for long-biased trades in AFFY as long as its trending above today's low of $23.59 with strong upside volume flows. I would consider any upside volume day that registers near or above 922,672 shares as bullish. If AFFY can maintain that trend, then this stock will setup to trade north of $30 in the near future. To see more stocks rising on unusual volume, check out the Stocks Rising on Unusual Volume portfolio on Stockpickr. -- Written by Roberto Pedone in Winderemere, Fla.
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