Galena Biopharma

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Galena Biopharma ( GALE) is a biotechnology company focused on discovering, developing and commercializing innovative therapies addressing major unmet medical needs using targeted biotherapeutics. This stock is trading up 6.7% to $2.22 in recent trading.

Today's Range: $2.08-$2.25

52-Week Range: $1.04-$2.43

Volume: 2.88 million

Three-Month Average Volume: 1.48 million

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From a technical perspective, GALE is soaring higher here and breaking out above some near-term overhead resistance levels at $2.15 to $2.18 with heavy upside volume. This move is quickly pushing shares of GALE within range of triggering another major breakout trade. That trade will hit if GALE manages to clear its next major overhead resistance levels at $2.35 to its 52-week high at $2.43 with high volume.

Traders should now look for long-biased trades in GALE as long as it's trending above those first tier breakout levels of $2.16 to $2.18 and then once it sustains a move or close above those next major breakout levels at $2.35 to $2.43 with volume that hits near or above 1.48 million shares. If that breakout triggers soon, then GALE will set up to enter new 52-week-high territory above $2.43, which is bullish technical price action. Some possible upside targets off that move are $3 to $3.50.

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