Affymetrix (AFFX) provides life science tools and molecular diagnostic products that enable parallel analysis of biological systems at the gene, protein, and cell level primarily in the U.S., Europe, Latin America, and Asia. This stock closed up 11.5% to $8.81 in Tuesday's trading session.
Tuesday's Range: $8.17-$8.86
52-Week Range: $3.22-$8.90
Tuesday's Volume: 3.89 million
Three-Month Average Volume: 1.02 million
From a technical perspective, AFFX ripped sharply higher here right off its 50-day moving average of $8.07 with monster upside volume. This stock has been uptrending strong for the last six months, with shares moving higher from its low of $3.70 to its recent high of $8.90. During that uptrend, shares of AFFX have been consistently making higher lows and higher highs, which is bullish technical price action. That move has now pushed shares of AFFX within range of triggering a big breakout trade. That trade will hit if AFFX manages to take out its 52-week high at $8.90 with high volume.Traders should now look for long-biased trades in AFFX as long as its trending above its 50-day at $8.07 or above some more near-term support at $7.85 and then once it sustains a move or close above $8.90 with volume that hits near or above 1.02 million shares. If that breakout hits soon, then AFFX will set up to enter new 52-week-high territory, which is bullish technical price action. Some possible upside targets off that breakout are $12 to $13.
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