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Puma Biotechnology(PBYI) is a development-stage biopharmaceutical company that acquires and develops innovative products for the treatment of various forms of cancer. This stock is trading up 4.4% to $33.40 in recent trading.
Today's Volume: 72,000
Average Volume: 119,923
Volume % Change: 50%
From a technical perspective, PBYI is bouncing higher here right above some near-term support levels at $31 and $29.82 with decent upside volume. This stock has been uptrending strong for the last three months and chance, with shares soaring higher from its low of $18.22 to its recent high of $34.98. During that move, shares of PBYI have been consistently making higher lows and higher highs, which is bullish technical price action. That move has pushed shares of PBYI within range of triggering a near-term breakout trade. That trade will hit if PBYI manages to take out its 52-week high and all-time high at $34.98 with high volume.
Traders should now look for long-biased trades in PBYI as long as it's trending above some key near-term support levels at $31 to $29.82, and then once it sustains a move or close above $34.98 with volume that hits near or above 119,923 shares. If that breakout triggers soon, then PBYI will set up to trend towards $40 or possibly even higher.