Enanta Pharmaceuticals ( ENTA) is a research-and-development-focused biotechnology company that uses its robust chemistry-driven approach and drug discovery capabilities to create small molecule drugs in the infectious disease field. This stock closed up 6.1% at $24.83 in Monday's trading session.
Monday's Volume: 288,000
Three-Month Average Volume: 117,626
Volume % Change: 95%
From a technical perspective, ENTA ripped sharply higher here and broke out above some past overhead resistance at $24.29 with above-average volume. This stock has been uptrending strong for the last few weeks, with shares soaring higher from its low of $18.79 to its intraday high of $25.12. During that uptrend, shares of ENTA have been consistently making higher lows and higher highs, which is bullish technical price action. That move has now pushed shares of ENTA within range of triggering another big breakout trade. That trade will hit if ENTA manages to take out Monday's high of $25.12 to its all-time high at $26.39 with high volume.Traders should now look for long-biased trades in ENTA as long as it's trending above Monday's low of $23.44 or above $22 and then once it sustains a move or close above those breakout levels with volume that's near or above 117,626 shares. If that breakout hits soon, then ENTA will set up to enter new all-time-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.
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