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Sequenom ( SQNM) is a molecular diagnostic testing and genetics analysis company. This stock is trading up 1% at $3.76 in recent trading.

Today's Range: $3.64-$3.83

52-Week Range: $3.46-$7.80

Volume: 1.1 million

Three-Month Average Volume: 3.9 million

>>22 Biopharma Stocks With Breakout Potential in 2012

From a technical perspective, SQNM is moving modestly higher here right near some recent support at $3.64 with light volume. Since the start of June, shares of SQNM have started to make higher lows, which could be indicating the stock is bottoming.

Traders should now look for long-biased trades if that near-term low of $3.64 can hold. Also, to confirm that SQNM is gearing up for a run higher, look for some better volume to start coming into this stock. I would recommend looking for upside volume that's near or above 3,892,630 shares. If that $3.64 level holds, then SQNM could be gearing up for a re-test and possibly breakout above its 50-day moving average at $4.24 and then its 200-day at $4.36.

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