If you're bullish on CPRX, then I would look for long-biased if this stock manages to break out above some near-term overhead resistance levels 49 cents to 54 cents per share and then once it takes out its gap down day high of 69 cents per share with high volume. Look for a sustained move or close above those levels with volume that registers near or above its three-month average action of 1,289,870 shares. If that breakout triggers soon, then CPRX will set up to re-fill some of that previous gap down zone that started around $1.40 a share. Some possible upside targets are its 50-day at 93 cents or its 200-day at $1.05 a share.

To see more stocks with notable insider buying like TripAdvisor ( TRIP), Zaza Energy ( ZAZA) and Active Network ( ACTV), check out the Stocks With Big Insider Buying 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 technical analysis for small- and large-cap stocks, options, futures, commodities and currencies. Roberto studied international business at the Milwaukee School of Engineering, and he spent a year overseas studying business in Lubeck, Germany. His work has appeared on financial outlets including CNBC.com and Forbes.com. You can follow Pedone on Twitter at www.twitter.com/zerosum24 or @zerosum24.

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