Thursday's Range: $5.75-$6.08
52-Week Range: $1.80-$8.50
Thursday's Volume: 2.74 million
Three-Month Average Volume: 2.75 million

From a technical perspective, ONVO ripped higher here right off its 50-day moving average of $5.72 with decent upside volume. This move is quickly pushing shares of ONVO within range of triggering a near-term breakout trade. That trade will hit if ONVO manages to take out some near-term overhead resistance levels at $6.09 to $6.33, and then once it clears more resistance at $6.39 with high volume.

Traders should now look for long-biased trades in ONVO as long as it's trending above its 50-day at $5.72 or above more support at $5.33, and then once it sustains a move or close above those breakout levels with volume that hits near or above 2.75 million shares. If that breakout triggers soon, then ONVO will set up to re-test or possibly take out its next major overhead resistance levels at $7.50 to its 52-week high at $8.50.

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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