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4 Stocks Spiking on Unusual Volume

Furiex Pharmaceuticals

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Furiex Pharmaceuticals (FURX) is a drug development collaboration company that uses clinical development strategies to increase the value of partnered pharmaceutical assets and accelerate their development timelines. This stock closed up 6.3% at $36.27 on Wednesday.

Wednesday's Volume: 190,000

Average Volume: 77,918

Volume % Change: 120%

From a technical perspective, FURX soared higher here right off some near-term support at $34 with above-average volume. This move pushed shares of FURX into breakout territory, since the stock took out some near-term overhead resistance at $35.75. At last check, FURX hit an intraday high of $37.25.

Traders should now look for long-biased trades in FURX as long as it's trending above $35.75 and then once it triggers a new breakout trade above $37.25 with volume that hits near or above 77,918 shares. If that breakout triggers, then FURX will set up to enter new 52-week-high and all-time-high territory, which is bullish technical price action. Some possible upside targets off that breakout are $40 to $42 in the near future.
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