Galena Biopharma

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Galena Biopharma ( GALE) is a biotechnology company focused on discovering, developing and commercializing therapies addressing unmet medical needs using targeted biotherapeutics. This stock is trading up 3.4% to $1.79 in recent trading.

Today's Range: $1.73-$1.84

52-Week Range: $0.36-$3.54

Volume: 1.7 million

Three-Month Average Volume: 2.3 million

From a technical perspective, GALE is moving notably higher here with decent volume. This move is coming after GALE bounced off its 50-day moving average of $1.66 on Wednesday with high volume. The action today has now pushed GALE into near-term breakout territory, since the stock has started to push above some overhead resistance at $1.77.

Traders should now look for long-biased trades in GALE as long as it's trending above its 50-day at $1.66 with strong upside volume flows. I would consider any upside volume day that registers near or above 1.7 million shares as bullish. If GALE can hold that trend, and more importantly hold its trend above $1.77, then this stock has a great chance of re-testing and possibly taking out its next major overhead resistance levels at $2.30 to $2.45.

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