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3 Stocks Spiking on Big Volume

Myriad Genetics

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Myriad Genetics (MYGN - Get Report) is engaged in the discovery and commercialization of transformative tests which assess a person's risk of developing disease, guide treatment decisions and assess risk of disease progression and recurrence. This stock is trading up 5.9% at $27.66 in recent trading.

Today's Volume: 2.39 million

Average Volume: 988,282

Volume % Change: 192%

Shares of MYGN are spiking higher here after the Supreme Court concluded its debate over whether Myriad Genetics and other gene-based biopharmaceutical or diagnostic companies could patent human DNA.

>>2 Biotech Stocks Under $10 to Watch

From a technical perspective, MYGN is exploding higher here back above its 200-day moving average at $26.43 with heavy upside volume. This move is quickly pushing shares of MYGN within range of triggering a major breakout trade. That trade will hit if MYGN manages to take out some near-term overhead resistance levels at $27.83 to $27.89 with high volume.

Traders should now look for long-biased trades in MYGN as long as it's trending above its 200-day at $26.43, and then once it sustains a move or close above those breakout levels with volume that hits near or above 988,282 shares. If that breakout triggers soon, then MYGN will set up to re-test or possibly take out its next major overhead resistance levels at $30 to its 52-week high at $31.80.
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