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Questcor Pharmaceuticals(QCOR), a biopharmaceutical company, provides prescription drugs for the treatment of multiple sclerosis, nephrotic syndrome and infantile spasms indications. Its products include H.P. Acthar Gel and Doral. This stock is trading up 4.3% at $28.59 in recent trading.
Today's Volume: 3.45 million
Average Volume: 1.50 million
Volume % Change: 268%
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From a technical perspective, QCOR is ramping higher here right off its 50-day moving average of $26.88 with monster upside volume. This move has started to push shares of QCOR into breakout territory, since the stock has taken out some near-term overhead resistance at $27.91. Shares of QCOR are now quickly moving within range of triggering another major breakout trade. That trade will hit if QCOR manages to take out some near-term overhead resistance levels at $30.39 to $32.50 with high volume.
Traders should now look for long-biased trades in QCOR as long as it's trending above today's low of $27.55, and then once it sustains a move or close above those breakout levels with volume that hits near or above 1.50 million shares. If that breakout hits soon, then QCOR will set up to re-test or possibly take out its next major overhead resistance level at its 200-day moving average of $34.25. Any high-volume move above $34.25 could then send QCOR above $35 in the near future.