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4 Biotech Stocks to Watch for Breakout Trades

Enanta Pharmaceuticals

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Enanta Pharmaceuticals ( ENTA) is a research-and-development-focused biotechnology company that uses its robust chemistry-driven approach and drug discovery capabilities to create small molecule drugs in the infectious disease field. This stock closed up 5.7% at $18.70 on Wednesday.

Wednesday's Volume: 157,000
Average Volume: 66,349
Volume % Change: 99%

>>4 Biotech Stocks Under $10 Making Big Moves

From a technical perspective, ENTA spiked sharply higher here right above some near-term support at $17.34 with above-average volume. This move is quickly pushing shares of ENTA within range of triggering a major breakout trade. That trade will hit if ENTA manages to take out some key overhead resistance levels at $19.23 to $20 with high volume.

Traders should now look for long-biased trades in ENTA as long as it's trending above some near-term support levels at $17.34 or $17.05 and then once it sustains a move or close above those breakout levels with volume that hits near or above 66,349 shares. If that breakout hits soon, then ENTA will set up to re-test or possibly take out its next major overhead resistance levels at $21.86 to its all-time high at $22.40. Any high-volume move above those levels will then give ENTA a chance to tag $25 to $30.

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