Sunesis Pharmaceuticals

Sunesis Pharmaceuticals ( SNSS) is a biopharmaceutical company engaged in the development and commercialization of new oncology therapeutics for the treatment of solid and hematologic cancers. This stock closed up 1.4% to $5.61 in Tuesday's trading session.

Tuesday's Range: $5.38-$5.62
52-Week Range: $2.30-$6.85
Tuesday's Volume: 614,000
Three-Month Average Volume: 345,849

>>5 Stocks Triggering Breakout Trades

From a technical perspective, SNSS trended modestly higher here right above its 50-day moving average of $5.35 with above-average volume. This move is quickly pushing shares of SNSS within range of triggering a major breakout trade. That trade will hit if SNSS manages to take out some near-term overhead resistance levels at $5.75 to $6.05 with high volume.

Traders should now look for long-biased trades in SNSS as long as it's trending above its 50-day at $5.35 and then once it sustains a move or close above those breakout levels with volume that hits near or above 345,849 shares. If that breakout triggers soon, then SNSS will set up to re-test or possibly take out its next major overhead resistance levels at $6.54 to its 52-week high at $6.85. Any high-volume move above those levels will then put $7 to $8 into range for shares of SNSS.

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 Delafield, Wis.

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At the time of publication, author had no positions in stocks mentioned.

Roberto Pedone, based out of Delafield, Wis., 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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