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Savient Pharmaceuticals (
SVNT) is a biopharmaceutical company with one meaningful drug, Krystexxa, which treats chronic gout refractory to conventional therapy. This stock closed up 6.2% to $0.67 in Tuesday's trading session.
>>4 Stocks Spiking on Unusual Volume
From a technical perspective, SVNT surged higher here back above its 50-day moving average of 65 cents with decent upside volume. This stock recently formed a double bottom chart pattern at 57 cents to 56 cents per share. Following that bottom, shares of SVNT have started to uptrend and approach a near-term breakout trade. That trade will hit if SVNT manages to take out some near-term overhead resistance at 75 cents with high volume.
Traders should now look for long-biased trades in SVNT as long as it's trending above its 50-day at 65 cents or above more support at 60 cents and then once it sustains a move or close above 75 cents with volume that hits near or above 793,930 shares. If that breakout hits soon, then SVNT will set up to re-test or possibly take out its next major overhead resistance levels at 90 cents to 91 cents per share. Any high-volume move above those levels will then put its 200-day at 94 cents to $1 into range for shares of SVNT.