OncoGenex Pharmaceuticals (OGXI - Get Report) , a biopharmaceutical company, develops and commercializes therapies that address treatment resistance in cancer patients. This stock closed up 4% to $3.38 in Tuesday's trading session.
Tuesday's Range: $3.25-$3.39
52-Week Range: $2.86-$14.25
Tuesday's Volume: 268,000
Three-Month Average Volume: 211,778
From a technical perspective, OGXI ripped higher here right off its 50-day moving average of $3.29 with above-average volume. This move is quickly pushing shares of OGXI within range of triggering a near-term breakout trade. That trade will hit if OGXI manages to take out some key near-term overhead resistance at $3.45 with high volume.Traders should now look for long-biased trades in OGXI as long as it's trending above some near-term support around $3 and then once it sustains a move or close above $3.45 with volume that hits near or above 211,778 shares. If that breakout kicks off soon, then OGXI will set up to re-test or possibly take out its next major overhead resistance levels $3.84 to $4.33. Any high-volume move above those levels will then give OGXI a chance to make a run at $5.