BioScrip ((BIOS - Get Report)) provides home infusion and other home care services, and pharmacy benefit management services in the U.S. This stock closed up 8.8% to $7.12 in Tuesdays trading session.
Tuesdays Range: $6.48-$7.45
52-Week Range: $5.61-$17.62
Tuesdays Volume: 3.73 million
Three-Month Average Volume: 1.80 million
From a technical perspective, BIOS ripped sharply higher here back above its 50-day moving average of $6.89 with monster upside volume. This move bravely pushed shares of BIOS into breakout territory, since the stock flirted with some near-term overhead resistance at $7.42. This stock closed just below that breakout level at $7.12. Market players should now look for a continuation move higher in the short-term if BIOS manages to take out Tuesday's high of $7.45 with high volume.
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Traders should now look for long-biased trades in BIOS as long as its trending above its 50-day at $6.89 or above Tuesday's low of $6.48 and then once it sustains a move or close above $7.45 with volume thats near or above 1.80 million shares. If we get that move soon, then BIOS will set up to re-test or possibly take out its next major overhead resistance levels at $8 to $8.53. Any high-volume move above those levels will then give BIOS a chance to tag $9.