Halozyme Therapeutics ( (HALO)), a biopharmaceutical company, engages in the research, development and commercialization of human enzymes. This stock closed up 16.6% at $14.75 in Wednesdays trading session.
Wednesdays Volume: 5.34 million
Three-Month Average Volume: 1.66 million
Volume % Change: 255%
From a technical perspective, HALO skyrocketed higher here right off its 50-day moving average of $12.74 with strong upside volume. This stock has been uptrending strong for the last four months and change, with shares moving higher from its low of $6.51 to its recent high of $15.39. During that uptrend, shares of HALO have been consistently making higher lows and higher highs, which is bullish technical price action. That move has now pushed shares of HALO within range of triggering a near-term breakout trade. That trade will hit if HALO manages to take out Wednesday's high of $14.77 to its 52-week high at $15.39 with high volume.
Traders should now look for long-biased trades in HALO as long as its trending above $14 or $13 and then once it sustains a move or close above those breakout levels with volume thats near or above 1.66 million shares. If that breakout hits soon, then HALO will set up to enter new 52-week-high territory above $15.39, which is bullish technical price action. Some possible upside targets off that breakout are $17 to $18, or even $20.