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Endo Health Solutions(ENDP - Get Report) is a specialty pharmaceutical company engaged in the research, development, sale and marketing of branded and generic prescription pharmaceuticals used to treat and manage pain. This stock is trading up 8.4% at $30.40 in recent trading.
Today's Volume: 8.14 million
Average Volume: 2.33 million
Volume % Change: 370%
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Shares of ENDP are skyrocketing higher today after Wells Fargo said it believes the appointment of new CEO Rajiv De Silva suggests the company does not intend to sell itself in the near-term, contrary to a Reuters report in January. Wells Fargo has a market perform rating on the stock.
From a technical perspective, ENDP is bouncing strongly here off its 50-day moving average of $27.75 and its moving back above its 200-day moving average of $29.93 with massive upside volume. This move has broken the downtrend shares of ENDP have been in during the last month, since shares dropped from its recent high of $33.32 to its low of $27.70. During that move, shares of ENDP were consistently making lower highs and lower lows, which is bearish technical price action.
Traders should now look for long-biased trades in ENDP as long as it's trending above its 200-day at $29.93, and then once it sustains a move or close above its next major breakout levels at $33.32 to $33.86 with volume that hits near or above 2.33 million shares. If that breakout triggers soon, then ENDP will set up to re-test or possibly take out its next major overhead resistance levels at $35.60 to $36.30.