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Coronado Biosciences(CNDO) is a biopharmaceutical company focused on the development of novel immunotherapy agents for inflammatory diseases and cancer. This stock is trading up 8.3% at $11.59 in recent trading.
Today's Volume: 454,000
Average Volume: 325,298
Volume % Change: 156%
>>5 Stocks Poised for Breakouts
From a technical perspective, CNDO is gapping higher here right above some near-term support at $10.27 with above-average volume. This stock has been uptrending strong for the last six months, with shares moving higher from its low of $4 to its intraday high of $11.85. During that move, shares of CNDO have been consistently making higher lows and higher highs, which is bullish technical price action. That move has now started to push shares of CNDO into breakout territory above some near-term overhead resistance at $11.57.
Traders should now look for long-biased trades in CNDO as long as it's trending above today's low of $11.14 and then once it sustains a move or close above $11.57 to $11.85 with volume that hits near or above 325,298 shares. If that breakout triggers soon, then CNDO will set up to enter new all-time high territory above $11.85, which is bullish technical price action. Some possible upside targets off that breakout are $13 to $15.
To see more stocks rising on unusual volume, check out the
Stocks Rising On Unusual Volume portfolio on Stockpickr.
-- Written by Roberto Pedone in Winderemere, Fla.