In the biotech complex, another under-$10 stock that looks ready to enter breakout territory is Biostar Pharmaceuticals (BSPM), a holding company that develops, manufactures and markets pharmaceutical products for a variety of diseases and conditions in the People's Republic of China. This stock has been smacked down by the sellers so far in 2012, with shares off by over 25%.
If you take a look at the chart for Biostar Pharmaceuticals, you'll notice that for the last three months, this stock has been trending sideways between $1.53 on the upside and $1.10 on the downside. Shares of BSPM have just started to bounce strongly right off its 50-day at $1.25 a share with above-average volume. That move is quickly pushing BSPM within range of triggering a near-term breakout trade.
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