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WuXi PharmaTech (
WX) is a pharmaceutical, biotechnology and medical device R&D outsourcing company, with operations in China and the U.S. This stock closed up 2.7% at $24.74 in Wednesday's trading session.
>>5 Stocks Poised for Breakouts
From a technical perspective, WX bounced higher here right above some near-term support at $23.48 with decent upside volume. This stock has been uptrending strong for the last six months, with shares moving higher from its low of $15.73 to its recent high of $25. During that uptrend, shares of WX have been making mostly higher lows and higher highs, which is bullish technical price action. That move has now pushed shares of WX within range of triggering a near-term breakout trade. That trade will hit if WX manages to take out its 52-week high at $25 with high volume.
Traders should now look for long-biased trades in WX as long as it's trending above support at $23.48 or above more support at $23, and then once it sustains a move or close above its 52-week high at $25 with volume that's near or above 324,141 shares. If that breakout hits soon, then WX will set up to enter new 52-week-high territory, which is bullish technical price action. Some possible upside targets off that move are $30 to $32.
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