Ampio Pharmaceuticals

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Ampio Pharmaceuticals ( AMPE) is engaged in developing innovative, proprietary pharmaceutical drugs and diagnostic products to identify, treat and prevent a broad range of human diseases including metabolic disorders and cancer. This stock closed up 1.6% to $6.99 in Tuesday's trading session.

Tuesday's Range: $6.81-$7.15
52-Week Range: $2.73-$7.17
Thursday's Volume: 627,000
Three-Month Average Volume: 346,711

>>4 Stocks to Trade for Breakouts on Big Volume

From a technical perspective, AMPE jumped modestly higher here right above some near-term support at $6.40 with above-average volume. This move is quickly pushing shares of AMPE within range of triggering a major breakout trade. That trade will hit if AMPE manages to take out its 52-week high at $7.17 with high volume.

Traders should now look for long-biased trades in AMPE as long as it's trending above near-term support levels at $6.50 or above its 50-day at $5.98 and then once it sustains a move or close above its 52-week high at $7.17 with volume that hits near or above 346,711 shares. If that breakout triggers soon, then AMPE will set up to enter new 52-week-high territory, which is bullish technical price action. Some possible upside targets off that breakout are its next major overhead resistance levels at $8 to $8.50, or even $9.30.

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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