Gentium (GENT) is engaged in the research and development of drugs derived from DNA and DNA molecules. This stock closed up 2.8% to $57.22 in Fridays trading session.
Friday's Volume: 3.08 million
Three-Month Average Volume: 198,116
Volume % Change: 1754%
From a technical perspective, GENT rose modestly higher here right above some near-term support at $55 with heavy upside volume. This stock has been trending sideways and consolidating for the last month, with shares moving between $50.54 on the downside and $59.25 on the upside. Shares of GENT are now starting to spike higher and move within range of triggering a major breakout trade above the upper-end of its recent sideways trading chart pattern. That breakout will hit if GENT manages to take out some near-term overhead resistance levels at $58.68 to its 52-week high at $59.25 with high volume.
Traders should now look for long-biased trades in GENT as long as it's trending above $55 or above $53 and then once it sustains a move or close above those breakout levels with volume that hits near or above 198,116 shares. If that breakout hits soon, then GENT will set up to enter new 52-week-high territory, which is bullish technical price action. Some possible upside targets off that breakout are $65 to $67.
To see more stocks rising on unusual volume, check out the Stocks Rising on Unusual Volume portfolio on Stockpickr.
-- Written by Roberto Pedone in Delafield, Wis.
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.