Ohr Pharmaceutical (OHRP) operates as a biotechnology company. This stock closed up 3.8% at $10.22 in Wednesday's trading session.
Wednesday's Volume: 664,000
Three-Month Average Volume: 321,282
Volume % Change: 110%
From a technical perspective, OHRP spiked higher here right above its recent low of $9.70 with above-average volume. This stock gapped down on Wednesday from $14 to $9.70 with heavy downside volume. Shares of OHRP are now rebounding and quickly approaching a near-term breakout trade. That trade will hit if OHRP manages to take out Wednesday's high of $10.34 to its gap-down-day high of $10.57 with high volume.
Traders should now look for long-biased trades in OHRP as long as it's trending above low of $9.70 and then once it sustains a move or close above those breakout levels with volume that's near or above 321,282 shares. If that breakout starts soon, then OHRP will set up to re-fill some of its previous gap-down-day zone that started at $14. Some reasonable targets if OHRP gets into that gap with volume are $12 to $12.50.
Wednesday's Volume: 1.23 million
Three-Month Average Volume: 762,936
Volume % Change: 65%
From a technical perspective, CAVM jumped higher here with above-average volume. This stock recently formed a double bottom chart pattern at $41.45 to $41.56 and that bottomed occurred right above its 50-day moving average. Shares of CAVM have now started to uptrend off those support levels and it's quickly moving within range of triggering a big breakout trade. That trade will hit if CAVM manages to take out Wednesday's high of $44.93 to more key near-term overhead resistance levels at $46.08 to its 52-week high at $47.47 with high volume.
Traders should now look for long-biased trades in CAVM as long as it's trending above support at $43 or above its 50-day at $41.78 and then once it sustains a move or close above those breakout levels with volume that's near or above 762,936 shares. If that breakout hits soon, then OHRP will set up to enter new 52-week-high territory above $47.47, which is bullish technical price action. Some possible upside targets off that breakout are $50 to $55.
To see more stocks rising on unusual volume, check out the Stocks Rising on Unusual Volume portfolio on Stockpickr.
-- Written by Roberto Pedone in Delafield, Wis.