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Arena Pharmaceuticals(ARNA - Get Report) is a clinical-stage biopharmaceutical company focused on discovering, developing and commercializing oral drugs that target G protein-coupled receptors, in four therapeutic areas: cardiovascular, central nervous system, inflammatory and metabolic diseases. This stock is trading up 5.8% to $9.91 in recent trading.
Today's Range: $9.39-$10.05
52-Week Range: $1.27-$13.50
Volume: 12.7 million
Three-Month Average Volume: 11.3 million
>>5 Stocks Poised for Breakouts
From a technical perspective, ARNA is ripping to the upside here with above-average volume. This move has started to push ARNA into breakout territory, since the stock has pushed above some past overhead resistance levels at $9.42 to $9.44.
Traders should now watch for the next major breakout trade to hit in ARNA. That trade will trigger once ARNA clears some past overhead resistance at $10.35 with high volume. Traders should now look for long-biased trades in ARNA as long as it's trending above those breakout levels, and then once it sustains a move or close above $10.35 with volume that hits near or above 11.3 million shares. If that breakout triggers soon, then ARNA will setup to re-test or possibly take out its next major overhead resistance levels at $12.07 to $13.50.