Cardium Therapeutics

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Cardium Therapeutics ( CXM) is a medical technology company mainly develops and commercializes novel products and devices for cardiovascular and ischemic disease, wound healing and tissue repair. This stock closed up 1.1% to $1.80 in Thursday's trading session.

Thursday's Range: $0.72-$0.84
52-Week Range: $0.58-$4.80
Thursday's Volume: 261,021
Three-Month Average Volume: 68,300

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From a technical perspective, CXM bounced sharply higher here right off some near-term support at 72 cents with strong upside volume. This stock recently formed a double bottom chart pattern at 69 cents to 70 cents. Following that bottom, shares of CXM have started to rebound higher and move within range of triggering a major breakout trade. That trade will hit if CXM manages to take out some near-term overhead resistance levels at 86 cents to 92 cents, and then 96 cents with high volume.

Traders should now look for long-biased trades in CXM as long as it's trending above support at 70 cents and then once it sustains a move or close above those breakout levels with volume that hits near or above 68,300 shares. If that breakout hits soon, then CXM will set up to re-test or possibly take out its next major overhead resistance levels at $1.35.

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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