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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. This stock is trading up 4.8% at $10.13 in recent trading.
Today's Volume: 12.34 million
Average Volume: 8.61 million
Volume % Change: 135%
From a technical perspective, ARNA is spiking higher here right off some near-term support at $9.50 with monster upside volume. This stock has been uptrending strongly for the last two months, with shares moving higher from its recent low of $7.09 to its intraday high of $10.28. During that move, shares of ARAN have been consistently making higher lows and higher highs, which is bullish technical price action. That move has now pushed ARNA within range of triggering a major breakout trade. That trade will hit if ARNA manages to take out some key overhead resistance levels at $12.07 to $13.50 with high volume.
Traders should now look for long-biased trades in ARNA as long as it's trending above $9.65 to $10.14, and then once it sustains a move or close above those breakout levels with volume that this near or above 8.61 million shares. If that breakout triggers soon, then ARNA will set up to enter new 52-week high territory once it clears $13.50. Some possible upside targets off that breakout are $15 to $17.