(GENT - Get Report) is engaged in the research and development of drugs derived from DNA and DNA molecules. This stock closed up 2.8% to $57.22 in Fridays trading session.
Friday's Volume: 3.08 million
Three-Month Average Volume: 198,116
Volume % Change: 1754%
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From a technical perspective, GENT rose modestly higher here right above some near-term support at $55 with heavy upside volume. This stock has been trending sideways and consolidating for the last month, with shares moving between $50.54 on the downside and $59.25 on the upside. Shares of GENT are now starting to spike higher and move within range of triggering a major breakout trade above the upper-end of its recent sideways trading chart pattern. That breakout will hit if GENT manages to take out some near-term overhead resistance levels at $58.68 to its 52-week high at $59.25 with high volume.
Traders should now look for long-biased trades in GENT as long as it's trending above $55 or above $53 and then once it sustains a move or close above those breakout levels with volume that hits near or above 198,116 shares. If that breakout hits soon, then GENT will set up to enter new 52-week-high territory, which is bullish technical price action. Some possible upside targets off that breakout are $65 to $67.
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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At the time of publication, author had no positions in stocks mentioned.
Roberto Pedone, based out of Delafield, Wis., is an independent trader who focuses on technical analysis for small- and large-cap stocks, options, futures, commodities and currencies. Roberto studied international business at the Milwaukee School of Engineering, and he spent a year overseas studying business in Lubeck, Germany. His work has appeared on financial outlets including CNBC.com and
Forbes.com. You can follow Pedone on Twitter at www.twitter.com/zerosum24 or @zerosum24.