Traders should now look for long-biased trades in MGAM as long as it's trending above today's low of $15.31 with strong upside volume flows. I would consider any upside volume day that registers near or above its three-month average action of 184,844 shares as bullish. If MGAM can maintain that trend, then this stock will have a great chance of tagging $20 or higher in the near future.
Isis Pharmaceuticals (ISIS - Get Report) is engaged in antisense drug discovery and development, exploiting a novel drug discovery platform it created to generate a broad pipeline of first-in-class drugs. This stock closed up 9.7% at $14.69 on Wednesday's.
Wednesday's Volume: 8.86 millionAverage Volume: 1.51 million Volume % Change: 499% Shares of ISIS soared higher after the FDA approved its newest gene-silencing drug, Kynamro. The drug treats a rare, inherited disorder that causes extremely high cholesterol levels by shutting down the gene's ability to send messages that propagate the disorder. From a technical perspective, ISIS gapped higher right above some near-term support at $13 with monster upside volume. This move pushed shares of ISIS into breakout territory, since the stock cleared some near-term overhead resistance at $14.45. ISIS hit an intraday high of $15.60 on Wednesday and closed above that near-term breakout level of $14.45. Shares of ISIS are now moving within range of triggering another major breakout trade. That trade will hit if ISIS manages to clear its 52-week high of $15.61 with high volume. Traders should now look for long-biased trades in ISIS as long as it's trending above today's low of $14.27, and then once it sustains a move or close above $15.61 with volume that hits near or above 1.51 million shares. If that breakout hits soon, then ISIS will set up to enter new 52-week-high territory, which is bullish technical price action. Some possible upside targets off that breakout are $18 to $20 in the near future. To see more stocks rising on unusual volume, check out the Stocks Rising On Unusual Volume portfolio on Stockpickr.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts