Pacira Pharmaceuticals (PCRX - Get Report) is an emerging specialty pharmaceutical company engaged in development, commercialization and manufacture of proprietary pharmaceutical products for use in hospitals and ambulatory surgery centers. This stock closed up 12.5% at $55.93 in Mondays trading session.
Mondays Volume: 944,000
Three-Month Average Volume: 517,152
Volume % Change: 80%
From a technical perspective, PCRX exploded higher here back above its 50-day moving average of $52.50 with above-average volume. This stock recently formed a double bottom chart pattern at $46.55 to $47.21. Since forming that bottom, shares of PCRX have started to rip higher and move within range of triggering a major breakout trade. That trade will hit if PCRX manages to take out Monday's intraday high of $56 to its 52-week high at $56.94 with high volume.
Traders should now look for long-biased trades in PCRX as long as its trending above its 50-day at $52.20 and then once it sustains a move or close above those breakout levels with volume thats near or above 517,152 shares. If that breakout hits soon, then PCRX will set up to enter new 52-week-high territory, which is bullish technical price action. Some possible upside targets off that breakout are $60 to $63.