Codexis (CDXS - Get Report) engages in the production of custom industrial enzymes for use in the pharmaceutical, biofuel, and chemical production. This stock closed up 4.9% to $5.73 in Tuesday's trading session.
Tuesday's Range: $1.44-$1.53
52-Week Range: $1.24-$2.89
Tuesdays Volume: 66,000
Three-Month Average Volume: 131,706
From a technical perspective, CDXS spiked higher here back above its 50-day moving average of $1.49 with lighter-than-average volume. This move is quickly pushing shares of CDXS within range of triggering a near-term breakout trade. That trade will hit if CDXS manages to take out Tuesday's high of $1.53 to some more near-term overhead resistance at $1.57 with high volume.
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Traders should now look for long-biased trades in CDXS as long as it's trending above some key near-term support at $1.40 and then once it sustains a move or close above those breakout levels with volume that hits near or above 131,706 shares. If that breakout hits soon, then CDXS will set up to re-test or possibly take out its next major overhead resistance levels $1.80 to its 200-day moving average of $1.96.
To see more stocks that are making notable moves higher, check out the Stocks Under $10 Moving Higher portfolio on Stockpickr.
-- Written by Roberto Pedone in Delafield, Wis.