Synta Pharmaceuticals

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Synta Pharmaceuticals ( SNTA) is a biopharmaceutical company focused on discovering, developing and commercializing small molecule drugs to extend and enhance the lives of patients with severe medical conditions, including cancer and chronic inflammatory diseases. This stock is trading up 6.7% to $8.23 in recent trading.

Today's Range: $7.71-$8.24

52-Week Range: $3.02-$8.04

Volume: 294,000

Three-Month Average Volume: 904,392

>>5 Big Stocks Ready to Slingshot Higher

From a technical perspective, SNTA is soaring higher here right off some near-term support at $7.70 with light volume. This move is quickly pushing SNTA within range of triggering a major breakout trade. That trade will hit once SNTA manages to clear some overhead resistance levels at $8.21 to $8.50 with high volume.

Traders should now look for long-biased trades in SNTA as long as it's trending above $7.70, and then once it sustains a move or close above those breakout levels with volume that's near or above 904,392 shares. If that breakout hits soon, then look for SNTA to tag $10 in the near future.

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