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Icon ( ICLR) provides outsourced development services on a global basis to the pharmaceutical, biotechnology and medical device industries. This stock closed up 1.1% at $34.96 on Wednesday.

Wednesday's Volume: 599,000
Average Volume: 344,184
Volume % Change: 72%

>>5 Buy Signals From the Health Care Sector

From a technical perspective, ICLR trended higher here right above some near-term support at $34 to $33.44 with above-average volume. This move is quickly pushing shares of ICLR within range of triggering a major breakout trade. That trade will hit if ICLR manages to take out some near-term overhead resistance levels at $35.57 to its 52-week high at $35.86 with high volume.

Traders should now look for long-biased trades in ICLR as long as it's trending above some near-term support levels at $34 or above $33.44 and then once it sustains a move or close above those breakout levels with volume that hits near or above 344,184 shares. If that breakout triggers soon, then ICLR will set up to enter new 52-week-high territory, which is bullish technical price action. Some possible upside targets off that breakout are $40 to $45.

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