Traders should now look for long-biased trades in PPHM as long as it's trending above Tuesday's low of $1.80 or above more near-term support at $1.77 and then once it sustains a move or close above those breakout levels with volume that hits near or above 3.05 million shares. If that breakout materializes soon, then PPHM will set up to enter new 52-week-high territory, which is bullish technical price action. Some possible upside targets off that breakout are its next major overhead resistance levels at $2.43 to $2.78. Any high-volume move above $2.78 will then give PPHM a chance to re-fill some of its previous gap-down-day zone from 2012 that started at $5.50.
Vivus (VVUS - Get Report), a biopharmaceutical company, engages in developing and commercializing therapies to address unmet needs in obesity, sleep apnea, diabetes and sexual health. This stock closed up 1.1% to $6.16 in Tuesday's trading session.
Tuesday's Range: $6.09-$6.34
52-Week Range: $5.63-$15.62
Tuesday's Volume: 4.31 million
Three-Month Average Volume: 2.51 million
From a technical perspective, VVUS trended modestly higher here with monster upside volume. This stock recently gapped down sharply lower from around $7 to under $6 with heavy downside volume. Shares of VVUS went on to print a new low of $5.63, but the stock has now started to rebound and re-fill some of its previous gap-down-day zone. Market players should now look for a continuation move higher in the short-term if VVUS manages to take out Tuesday's high of $6.34 with strong volume.
Traders should now look for long-biased trades in VVUS as long as its trending above $6 or above its recent low of $5.63 and then once it sustains a move or close above $6.34 with volume that hits near or above 2.51 million shares. If that move kicks off soon, then VVUS will set up to re-fill some of its previous gap-down-day zone that started near $7. Any high-volume move above $7 will then give VVUS a chance to tag its next major overhead resistance levels at $7.23 to its 50-day moving average of $7.90.
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.