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Cornerstone Therapeutics (
CRTX), a specialty pharmaceutical company, commercializes products for the hospital and adjacent specialty markets. This stock closed up 5.3% to $8.99 in Tuesday's trading session.
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From a technical perspective, CRTX gapped up sharply here back above its 50-day moving average of $8.69 with above-average volume. This move saw CRTX flirt with a breakout trade, since the stock took out some near-term overhead resistance at $9.25. At last check, CRTX closed back below that breakout level of $8.99 with volume that was well above its three-month average action of 81,995 shares. Shares of CRTX are now trending within range of triggering another key breakout trade. That trade will hit if CRTX manages to take out Tuesday's high of $9.62 and then once it clears its 52-week high at $10.37 with high volume.
Traders should now look for long-biased trades in CRTX as long as it's trending above its 50-day at $8.69 or above some more support at $8.26 and then once it sustains a move or close above those breakout levels with volume that hits near or above 81,995 shares. If we get that move soon, then CRTX will set up to enter new 52-week-high territory, which is bullish technical price action. Some possible upside targets off that breakout are $12 to $13.
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