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3 Biotech Stocks Under $10 Making Big Moves

Synta Pharmaceuticals

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Synta Pharmaceuticals ( SNTA) is a biopharmaceutical company engaged in discovering, developing and commercializing small molecule drugs to extend and enhance the lives of patients with severe medical conditions such as cancer and chronic inflammatory diseases. This stock closed up 6.5% to $6.53 in Thursday's trading session.

Thursday's Range: $6.17-$6.64
52-Week Range: $3.76-$11.88
Thursday's Volume: 1.02 million
Three-Month Average Volume: 1.79 million

>>5 Stocks Spiking on Big Volume

From a technical perspective, SNTA bounced sharply higher here right off its 50-day moving average of $6.26 with decent upside volume. This stock recently pulled back from its high of $7.30 to its low of $5.90. Shares of SNTA are now starting to move back above its 50-day and within range of triggering a near-term breakout trade. That trade will hit if SNTA manages to take out some key overhead resistance levels at $7.30 to $7.85 with high volume.

Traders should now look for long-biased trades in SNTA as long as it's trending above its 50-day at $6.26 or above support at $5.90 and then once it sustains a move or close above those breakout levels with volume that hits near or above 1.79 million shares. If that breakout hits soon, then SNTA will set up to re-test or possibly take out its next major overhead resistance levels at $8.25 to $9.
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