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CYTK) is a clinical-stage biopharmaceutical company engaged in discovery and development of novel small molecule therapeutics that modulate muscle function for the potential treatment of serious diseases and medical conditions. This stock closed up 8.6% at $12.57 on Monday.
Monday's Volume: 1.42 million
Average Volume: 470,111
Volume % Change: 163%
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From a technical perspective, CYTK trended significantly higher here right above some near-term support at $10.81 with heavy upside volume. This move is quickly pushing shares of CYTK within range of triggering a major breakout trade. That trade will hit if CYTK manages to take out its 52-week high at $13.38 with high volume.
Traders should now look for long-biased trades in CYTK as long as it's trending above some key near-term support at $10.81 and then once it sustains a move or close above its 52-week high at $13.38 with volume that's near or above 470,111 shares. If that breakout triggers soon, then CYTK will set up to enter new 52-week-high territory, which is bullish technical price action. Some possible upside targets off that breakout are $15 to $17, or even $20.
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-- Written by Roberto Pedone in Delafield, Wis.