WuXi PharmaTech (WX) is a pharmaceutical, biotechnology and medical device R&D outsourcing company, with operations in China and the U.S. This stock closed up 2.7% at $37.07 in Mondays trading session.
Mondays Volume: 1.24 million
Three-Month Average Volume: 582,844
Volume % Change: 142%
From a technical perspective, WX spiked higher here into new 52-week high territory with above-average volume. This stock has been uptrending strong for the last six months, with shares moving higher from its low of $18.91 to its intraday high of $38.01. During that uptrend, shares of WX have been consistently making higher lows and higher highs, which is bullish technical price action. Market players should now look for a continuation move higher in the short-term if WX manages to take out Monday's intraday high of $38.01 with high volume.Traders should now look for long-biased trades in WX as long as its trending above $36 or above $34 and then once it sustains a move or close above $38.01 with volume thats near or above 582,844 shares. If we get that move soon, then WX will set up to enter new 52-week-high territory, which is bullish technical price action. Some possible upside targets off that move are $43 to $45.
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