Prospect Global Resources

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Prospect Global Resources ( PGRX) is an exploration stage company engaged in the exploration and mining of potash in the Holbrook Basin of eastern Arizona. This stock closed up 13.8% to $1.56 in recent trading.

Today's Range: $1.38-$1.56

52-Week Range: $1.61-$10.50

Volume: 430,000

Three-Month Average Volume: 225,912

From a technical perspective, PGRX soared higher Wednesday back above its 50-day moving average of $1.50 with above-average volume. This move is pushing shares of PGRX within range of triggering a near-term breakout trade. That trade will hit if PGRX manages to take out some near-term overhead resistance levels at $1.59 to $1.84 with high volume.

Traders should now look for long-biased trades in PGRX as long as it's trending its 50-day at $1.50 and then once it sustains a move or close above those breakout levels with volume that hits near or above 225,912 shares. If that breakout triggers soon, then PGRX will set up to re-test or possibly take out its next major overhead resistance levels at $2 to $2.25. Any high-volume move above $2.25 will then put $2.50 to $3 into range for shares of PGRX.

To see more stocks that are making notable moves higher today, check out the Stocks Under $10 Moving Higher 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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