Avanir Pharmaceuticals (AVNR), together with its subsidiaries, is engaged in acquiring, developing and commercializing novel therapeutic products for the treatment of central nervous system disorders primarily in the U.S. This stock closed up 3.9% to $5.57 in Tuesday's trading session.
Tuesday's Range: $5.28-$5.65
52-Week Range: $2.62-$6.00
Tuesdays Volume: 3.66 million
Three-Month Average Volume: 2.87 million
From a technical perspective, AVNR jumped sharply higher here right above some near-term support at $5.24 with strong upside volume flows. This stock has been uptrending strong for the last two months, with shares moving higher from its low of $3.07 to its recent high of $5.89. During that uptrend, shares of AVNR have been consistently making higher lows and higher highs, which is bullish technical price action. This spike higher on Tuesday is starting to push shares of AVNR within range of trigger a near-term breakout trade. That trade will hit if AVNR manages to take out Tuesday's intraday high of $5.65 to its 52-week high of $6 with high volume.
Traders should now look for long-biased trades in AVNR as long as it's trending above some near-term support levels at $5.24 or at $5 to $4.89 and then once it sustains a move or close above those breakout levels with volume that hits near or above 2.87 million shares. If that breakout begins soon, then AVNR will set up to enter new 52-week-high territory, which is bullish technical price action. Some possible upside targets off that breakout are $7 to $7.50, or even $8.
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