Affymax

Affymax ( AFFY) is a biopharmaceutical company engaged in developing drugs to improve the treatment of serious and often life-threatening conditions. This stock is trading up 4.7% at $24.90 in recent trading.

Today's Volume: 1.1 million

Average Volume: 922,672

Volume % Change: 106%

From a technical perspective, AFFY is ripping higher here with above-average volume. This move is coming after AFFY recently broke out above some near-term overhead resistance at $22 with high volume. This action is also starting to push AFFY into overbought territory, since the stock has a relative strength index reading of 81. Overbought can always get more overbought, so traders should continue to look for more upside in AFFY.

Traders should now look for long-biased trades in AFFY as long as its trending above today's low of $23.59 with strong upside volume flows. I would consider any upside volume day that registers near or above 922,672 shares as bullish. If AFFY can maintain that trend, then this stock will setup to trade north of $30 in the near future.

To see more stocks rising on unusual volume, check out the Stocks Rising on Unusual Volume 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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