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Affymax ( AFFY) is a biopharmaceutical company engaged in developing drugs to improve the treatment of serious and often life-threatening conditions. Its product candidate, peginesatide, is for the treatment of anemia in chronic kidney disease patients on dialysis. This stock is trading up 5% at $17.81 in recent trading.

Today's Volume: 1.2 million

Average Volume: 1

Volume % Change: 130%

>>5 Stocks Poised for Breakouts

From a technical perspective, AFFY is ripping higher here right off some near-term support at $17 with above average volume. This move has also pushed AFFY into breakout territory, since the stock has taken out some near-term overhead resistance levels at $17.16 to $17.33. This move has also pushed AFFY into new 52-week high territory, which is bullish technical price action.

Traders should continue to look for long-biased traders as long as AFFY is trending above today's low of $16.95 with strong upside volume flows. I would consider any upside volume day that registers near or above 1 million shares as bullish. If AFFY can hold that trend, then this stock has a great chance of hitting $20 in the near future.

I also featured AFFY earlier this month in " 5 Hated Stocks Set to Soar on Earnings."

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