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Portola Pharmaceuticals (
PTLA) is a biopharmaceutical company that develops and commercializes novel therapeutics in the areas of thrombosis, other hematologic disorders and inflammation for patients who currently have limited or no approved treatment options. This stock closed up 3.3% at $27.03 in Monday's trading session.
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From a technical perspective, PTLA ripped higher here right above its 50-day moving average of $23.36 with above-average volume. This move is quickly pushing shares of PTLA within range of triggering a near-term breakout trade. That trade will hit if PTLA manages to take out Monday's high of $27.19 to its 52-week high at $27.57 with high volume.
Traders should now look for long-biased trades in PTLA as long as it's trending above some near-term support at $25 or above its 50-day at $23.36 and then once it sustains a move or close above those breakout levels with volume that's near or above 109,412 shares. If that breakout hits soon, then PTLA will set up to enter new 52-week-high territory, which is bullish technical price action. Some possible upside targets off that breakout are $30 to $35.
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.