Traders should now look for long-biased trades in TSPT as long as it's trending above support just below $3.40 and then once it sustains a move or close above those breakout levels with volume that hits near or above 165,940 shares. If that breakout hits soon, then TSPT will set up to re-test or possibly take out its next major overhead resistance levels at $5 to $5.50.

Response Genetics

Response Genetics ( RGDX) is a life sciences company, engaged in the research and development of innovative clinical diagnostic tests for cancer based on its proprietary technologies. This stock closed up 7.1% to $2.24 in Thursday's trading session.

Thursday's Range: $2.10-$2.31
52-Week Range: $0.99-$2.93
Thursday's Volume: 171,000
Three-Month Average Volume: 112,448

From a technical perspective, RGDX ripped sharply higher here back above its 50-day moving average of $2.16 with above-average volume. This stock has been uptrending strong for the last five months, with shares soaring higher from its low of $1.32 to its recent high of $2.93. During that uptrend, shares of RGDX have been making mostly higher lows and higher highs, which is bullish technical price action. That move has now pushed shares of RGDX within range of triggering a near-term breakout trade. That trade will hit if RGDX manage to take out Thursday's high of $2.32 and then once it clears more resistance levels at $2.45 to $2.60 with high volume.

Traders should now look for long-biased trades in RGDX as long as it's trending above some key near-term support levels at $2 or at $1.91 and then once it sustains a move or close above those breakout levels with volume that hits near or above 112,448 shares. If that breakout hits soon, then RGDX will set up to re-test or possibly take out its 52-week high at $2.93. Any high-volume move above $2.93 to $3.05 will then give RGDX a chance to tag $3.50 to $4.

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.

RELATED LINKS:



Follow Stockpickr on Twitter and become a fan on Facebook.

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.

If you liked this article you might like

5 Stocks Under $10 Set to Soar

4 Biotech Stocks Under $10 to Trade for Breakouts

4 Stocks Under $10 Making Big Moves

Transcept Pharmaceuticals Management Discusses Q2 2012 Results - Earnings Call Transcript