Wednesday's Volume: 3.01 million
Three-Month Average Volume: 855,380
Volume % Change: 260%
From a technical perspective, PNK ripped sharply higher here right above some near-term support at $22.40 with heavy upside volume. This move briefly pushed shares of PNK back above its 50-day moving average of $24.35, before the stock closed just below that level at $24.33. This move also briefly pushed shares of PNK into breakout territory, since it flirted with some near-term overhead resistance at $24.51. This move is starting to push shares of PNK within range of triggering another breakout trade. That trade will hit if PNK manages to take out Wednesday's high of $24.95 to its 52-week high at $25.86 with high volume.
Traders should now look for long-biased trades in PNK as long as it's trending above Wednesday's low of $22.67 and then once it sustains a move or close above those breakout levels with volume that hits near or above 855,380 shares. If that breakout hits soon, then PNK 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.
Keryx BiopharmaceuticalsKeryx Biopharmaceuticals (KERX) is a biopharmaceutical company engaged in the acquisition, development and commercialization of medically important pharmaceutical products for the treatment of cancer and renal disease. This stock closed up 8.3% at $14.28 in Wednesday's trading session. Wednesday's Volume: 9.33 million
Three-Month Average Volume: 2.30 million
Volume % Change: 258% From a technical perspective, KERX ripped higher here into new 52-week high territory with big upside volume. This stock recently gapped up sharply and broke out above some near-term overhead resistance levels at $11.24 to $11.90 with strong upside volume. Market players should now look for a continuation move higher in the short-term if KERX can manage to take a new 52-week high soon. Traders should now look for long-biased trades in KERX as long as it's trending above Wednesday's low of $13.11 or above more near-term support just above $12.50 and then once it sustains a move or close above Wednesday's high of $14.49 with volume that's near or above 2.30 million shares. If we get that move soon, then KERX will set up to enter new 52-week high territory, which is bullish technical price action. Some possible upside targets off that move are $17 to $20.
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