Impax Laboratories

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Impax Laboratories ( IPXL) is a specialty pharmaceutical company. Impax Laboratories is engaged in development, manufacture and marketing of bio-equivalent pharmaceutical products, referred to as generics, in addition to the development of branded products. This stock is trading up 3.6% at $20.55 in recent trading.

Today's Volume: 520,000

Average Volume: 479,825

Volume % Change: 116%

>>22 Biopharma Stocks With Breakout Potential in 2012

From a technical perspective, IPXL is bouncing hard right off some near-term support at $19.50 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 IPXL takes out some near-term overheard resistance at $20.80, and then once it clears both its 200-day at $20.99 and its 50-day at $21.17 with high volume.

Traders should now look for long-biased trades once IPXL sustains a move or close above all those levels with volume that's near or above 479,825 shares. At last check, IPXL has hit an intraday high of $20.85 and volume is tracking in above its three-month average action of 479,825 shares. If that breakout triggers soon, then IPXL could easily re-test and possibly take out its next significant overhead resistance levels at $22.36 to $23.23.

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