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WuXi PharmaTech(WX) is a pharmaceutical, biotechnology and medical device R&D outsourcing company, with operations in China and the U.S. This stock is trading up 2.4% at $17.93 in recent trading.
Today's Volume: 616,000
Average Volume: 262,915
Volume % Change: 266%
Shares of WX are moving higher here after Oppenheimer said it remains bullish on the company for the next three to five years, and maintains an outperform rating on its shares.
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From a technical perspective, WX is trending higher here right above its 50-day moving average of $16.90 with above-average volume. This move has pushed shares of WX into breakout territory, since the stock has taken out some near-term overhead resistance at $17.50. That move is quickly pushing WX within range of triggering another major breakout trade. That trade will hit if WX manages to clear its 52-week high at $18.79 with high volume.
Traders should now look for long-biased trades in WX as long as it's trending above $17.50, and then once it sustains a move or close above $18.79 with volume that hits near or above 262,915 shares. If that breakout triggers soon, then WX will set up to enter new 52-week-high territory, which is bullish technical price action. Some possible upside targets off that move are $20 to $23.