Thursday's Range: $9.04-$9.99
52-Week Range: $2.00-$13.65
Thursday's Volume: 5.35 million
Three-Month Average Volume: 5.05 million
From a technical perspective, ONVO bounced sharply higher here right off some near-term support at $9 with above-average volume. This stock recently pulled back sharply from its 52-week high at $13.65 to its low of $7.93. Shares of ONVO have started to rebound off that $7.93 low with the stock tagging an intraday high on Thursday of $9.99. That rebound is starting to push shares of ONVO within range of triggering a big breakout trade. That trade will hit if ONVO manages to take out Thursday's high of $9.99 to some more near-term overhead resistance at $10.05 with high volume.
Traders should now look for long-biased trades in ONVO as long as it's trending above some near-term support at $9 or above $8.40, and then once it sustains a move or close above those breakout levels with volume that hits near or above 5.05 million shares. If that breakout hits soon, then ONVO will set up to re-test or possibly take out its next major overhead resistance levels at $12.50 to its 52-week high at $13.65.
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.
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