One biopharmaceutical player that's quickly moving within range of triggering a major breakout trade is Coronado Biosciences (CNDO), which is focused on novel immunotherapy biologic agents for autoimmune diseases and cancer. This stock is off to a bearish start in 2013, with shares off sharply by 61%.
If you take a look at the chart for Coronado Biosciences, you'll notice that this stock gapped down sharply back in October from close to $7 to under $2 a share with heavy downside volume. Following that gap down, shares of CNDO have trended sideways in a wide range, with shares moving between $1.25 on the downside and $1.91 on the upside. Shares of CNDO have started to uptrend off that $1.25 low and it's now quickly moving within range of triggering a major breakout trade above the upper-end of its recent range.
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