MEI Pharma (MEIP)
This company is developing novel cancer therapeutics based on the central design of naturally occurring compounds called isoflavones. This stock is trading up 9.7% to $1.92 in recent trading.
Today's Range: $1.80-$2.08
52-Week Range: $0.33-$1.92Volume: 513,000 Three-Month Average Volume: 198,998 From a technical perspective, MEIP is skyrocketing here right above some near-term support at $1.68 with heavy upside volume. This move is also pushing MEIP into breakout territory, since the stock has cleared some near-term overhead resistance levels at $1.85 to $1.92. Shares of MEIP have been uptrending very strongly for the last month and change, with the stock moving from a low of 35 cents to today's intraday high of $2.08. During that move, shares of MEIP have been consistently making higher lows and higher highs, which is bullish technical price action. Traders should now look for long-biased trades in MEIP as long as it's trending above $1.68, and then once it sustains a move or close above some key overhead resistance levels at $1.98 to $2.08 with high volume Look for volume on that move that hits near or above 198,998 shares. If MEIP can maintain that trend, then this stock will set up to re-test or possibly take out its next major overhead resistance levels at $2.56 to $2.75. Any high-volume move above those levels will then put $3.28 into focus for shares of MEIP. 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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