Protalix Bio Therapeutics

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Protalix Bio Therapeutics ( PLX) is a biopharmaceutical company focused on the development and commercialization of recombinant therapeutic proteins based on its ProCellEx protein expression system, ProCellEx. This stock is trading up 1.9% to $5.76 in recent trading.

Today's Range: $5.60-$5.81

52-Week Range: $4.06-$7.70

Volume: 196,000

Three-Month Average Volume: 824,029

From a technical perspective, PLX is bouncing off some near-term support at around $5.56 with low volume. For the past few weeks, shares of PLX have found some decent buying interest whenever this stock has pulled back under $5.60.

>>22 Biopharma Stocks With Breakout Potential in 2012

Traders should now look for long-biased trades once PLX clears both its 200-day at $5.96 and its 50-day at $6.12 with high volume. Look for a sustained move or close above those levels with volume that's near or above 824,029 shares. A move above those levels will also push PLX above some near-term breakout levels at $5.87 to $5.96, which is bullish technical price action. If we get that action soon, then PLX has a great chance of re-filing a previous gap-down from June and trading up to $6.80 to $6.95, or possibly even $7.70.

Keep in mind that those targets will only have a chance of getting hit if PLX can sustains a high-volume trend over both its 200-day and 50-day moving averages.

To see more stocks under-$10 that are making notable moves higher today, check out the Stocks Under-$10 Moving Higher portfolio on Stockpickr.

-- Written by Roberto Pedone in Winderemere, Fla.

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At the time of publication, author had no positions in stocks mentioned.

Roberto Pedone, based out of Windermere, Fla., is an independent trader who focuses on stocks, options, futures, commodities and currencies. He is also an outside contributor to Beconequity.com and maintains the website Maddmoney.net, which he sold to Blue Wave Advisors in 2008. Roberto studied International Business at The Milwaukee School of Engineering, and he spent a year overseas studying business in Lubeck, Germany.

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