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Sangamo Biosciences (
SGMO) is a clinical stage biopharmaceutical company engaged in the research, development and commercialization of engineered DNA-binding proteins for the development of novel therapeutic strategies for unmet medical needs. This stock closed up 5.3% at $10.20 on Wednesday.
Wednesday's Volume: 1.66 million
Average Volume: 811,549
Volume % Change: 98%
>>5 Stocks Poised for Breakouts
From a technical perspective, SGMO ripped higher here right above some near-term support at $9.25 with high volume. This stock has been uptrending strong for the last month, with shares soaring higher from its low of $6.86 to its intraday high of $10.40. During that move, shares of SGMO have been consistently making higher lows and higher highs, which is bullish technical price action. That move is quickly pushing shares of SGMO within range of triggering a major breakout trade. That trade will hit if SGMO manages to take out some key overhead resistance levels at $10.92 to its 52-week high at $11.24 with high volume.
Traders should now look for long-biased trades in SGMO as long as it's trending above support at $9.25 and then once it sustains a move or close above those breakout levels with volume that's near or above 811,549 shares. If that breakout triggers soon, then SGMO will set up to enter new 52-week-high territory above $11.24, which is bullish technical price action. Some possible upside targets off that breakout are its next major overhead resistance levels at $13.30 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 Delafield, Wis.
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