Acceleron Pharma (XLRN), a clinical stage biopharmaceutical company, focuses on the discovery, development and commercialization of protein therapeutics for cancer and rare diseases. This stock closed up 4.3% to $30 in Fridays trading session.
Friday's Volume 1.20 million
Three-Month Average Volume: 143,630
Volume % Change: 1236%
From a technical perspective, XLRN spiked sharply higher here right above some near-term support at $26.15 with monster upside volume. This move is quickly pushing shares of XLRN within range of triggering a major breakout trade. That trade will hit if XLRN manages to take out some key near-term overhead resistance levels at $30.62 to its all-time high at $31.43 with high volume.
Traders should now look for long-biased trades in XLRN as long as it's trending above Friday's low of $27.12 or above more near-term support at $26.15 and then once it sustains a move or close above those breakout levels with volume that hits near or above 143,630 shares. If that breakout hits soon, then XLRN will set up to enter new all-time-high territory, which is bullish technical price action. Some possible upside targets off that breakout are $35 to $40.