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>>5 Stocks With Big Insider Buying
From a technical perspective, RNA ripped higher here right above its recent low of $4.16 with lighter-than-average volume. This stock has been downtrending badly for the last month, with shares moving lower from its high just above $7.50 to its low of $4.16. During that downtrend, shares of RNA have been consistently making lower highs and lower lows, which is bearish technical price action. That move has now pushed shares of RNA into oversold territory, since its current relative strength index reading is 23.70. Oversold can always get more oversold, but it's also an area where a stock can experience a powerful bounce higher from.
Traders should now look for long-biased trades in RNA as long as it's trending above that recent low of $4.16 and then once it sustains a move or close above some near-term overhead resistance levels at $4.50 to $5 with volume that hits near or above 601,600 shares. If we get that move soon, then RNA will set up to re-test or possibly take out its next major overhead resistance levels at $6 to $7. Any high-volume move above $7.50 will then give RNA a chance to re-fill some of its previous gap down zone from September that started at $24.
To see more stocks that are making notable moves higher today, check out the
Stocks Under $10 Moving Higher portfolio on Stockpickr.
-- Written by Roberto Pedone in Delafield, Wis.