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Corcept Therapeutics(CORT - Get Report) is a pharmaceutical company, engaged in the discovery and development of drugs for the treatment of severe metabolic and psychiatric disorders. This stock is trading up 81% to $1.60 in recent trading.
Today's Range: $1.50-$1.66
52-Week Range: $1.27-$4.90
Three-Month Average Volume: 472,805
From a technical perspective, CORT is ripping higher here right off some near-term support at $1.50 with solid upside volume. This move is quickly pushing shares of CORT within range of triggering a major breakout trade. That trade will hit if CORT manages to take out its 50-day moving average at $1.67 and then once it clears some more overhead resistance at $1.85 with high volume.
Traders should now look for long-biased trades in CORT as long as it's trending above some key near-term support levels at $1.50 to $1.45, and then once it sustains a move or close above those breakout levels with volume that hits near or above 472,805 shares. If that breakout triggers soon, then CORT will set up to re-test or possibly take out its next major overhead resistance levels at $2 to $2.50. It's even possible for CORT to tag its 200-day moving average at $3.11 if we clear $2.50 to $2.75 with volume soon.