Oxygen Biotherapeutics (OXBT), a development-stage company, engages in developing biotechnology products that deliver oxygen to target tissues in the body. This stock closed up 9% to $5.76 in Thursday's trading session.
Thursday's Range: $5.18-$6.07
52-Week Range: $1.19-$22.00
Thursday's Volume: 1.28 million
Three-Month Average Volume: 147,898
From a technical perspective, OXBT ripped sharply higher here right above some near-term support at $5.13 and through its 50-day moving average of $5.43 with heavy upside volume. This move is quickly pushing shares of OXBT within range of triggering a big breakout trade. That trade will hit if OXBT manages to take out some near-term overhead resistance levels at $6.44 to $6.93 with high volume.
Traders should now look for long-biased trades in OXBT as long as it's trending above some key near-term support levels at $5.13 and then once it sustains a move or close above those breakout levels with volume that hits near or above 147,898 shares. If that breakout hits soon, then OXBT will set up to re-test or possibly take out its next major overhead resistance levels at $7.60 to $7.90.