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Cyberonics ( CYBX) is a neuromodulation company engaged in the design, development and commercialization of implantable medical devices that provide a therapy, vagus nerve stimulation therapy, for the treatment of refractory epilepsy and treatment-resistant depression. This stock is trading up 1.4% at $41.46 in recent trading.

Today's Volume: 239,000

Average Volume: 211,369

Volume % Change: 60%.

>>Hot Biotech Stocks Traded by Hedge Funds

From a technical perspective, CYBX is moving notably higher here right off some recent support at around $40 with above average volume. This move is quickly pushing the stock within range of triggering a near-term breakout trade. That trade will hit once CYBX takes out some near-term overhead resistance at $42.17 with high volume.

Traders should now look for long-biased trades if CYBX can sustain a move or close above $42.17 with volume that's near or above 211,369 shares. If we get that action soon, then CYBX should hit $45 or higher in the near future.

I also featured Cyberonics last week in " 5 Earnings Short-Squeeze Trades."

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