(ARRY - Get Report)
This is a biopharmaceutical company focused on the discovery, development and commercialization of targeted small molecule drugs to treat patients afflicted with cancer and inflammatory diseases. This stock is trading up 6.2% to $3.59 in recent trading.
Today's Range: $3.36-$3.63
52-Week Range: $1.58-$6.17
Volume: 1.27 million
Three-Month Average Volume: 1.08 million
From a technical perspective, ARRY is bouncing higher here right off some near-term support at $3.30 with above-average volume. This stock has been downtrending badly for the last two months, with shares falling from a high of $6.17 to its recent low of $3.25. During that downtrend, shares of ARRY were consistently making lower highs and lower lows, which is bearish technical price action. That said, the stock has now started to rebound and move within range of triggering a near-term breakout trade. That trade will hit once ARRY manages to take out some near-term overhead resistance at $3.59 to $3.63.
Traders should now look for long-biased trades in ARRY as long as it's trending above $3.25, and then once it sustains a move or close above those breakout levels with volume that hits near or above 1.08 million shares. If that breakout trigger soon, then ARRY will set up to re-fill a previous gap down zone that started above $4. If that gap gets filled, then ARRY could easily re-test its 50-day at $4.68 in the near future.
To see more stocks that are making notable moves higher today, check out the
Stocks Under $10 Moving Higher
portfolio on Stockpickr.
-- Written by Roberto Pedone in Winderemere, Fla.
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