Oxigene

Oxigene (OXGN), a clinical-stage biopharmaceutical company, develops therapeutics primarily to treat cancer. This stock closed up 8% to $3.75 in Tuesday's trading session.

Tuesday's Range: $3.35-$3.80
52-Week Range: $1-.96-$5.40
Thursday's Volume: 3.29 million
Three-Month Average Volume: 1.52 million

From a technical perspective, OXGN jumped ripped sharply higher here right above some near-term support at $3.27 with above-average volume. This stock has been downtrending badly for the last few weeks, with shares dropping sharply from its high of $5.40 to its recent low of $3.27. During that move, shares of OXGN have been consistently making lower highs and lower lows, which is bearish technical price action. That said, shares of OXGN might be ready to reverse that downtrend and potentially break out above some near-term overhead resistance levels. That breakout will hit if OXGN takes out Tuesday's high of $3.80 to some more near-term resistance at $4 with high volume.

Traders should now look for long-biased trades in OXGN as long as it's trending above Tuesday's low $3.35 or above $3.27 and then once it sustains a move or close above those breakout levels with volume that hits near or above 1.52 million shares. If that breakout hits soon, then OXGN will set up to re-test or possibly take out its next major overhead resistance levels at $4.44 to $5. Any high-volume move above those levels will then give OXGN a chance to make a run at its 52-week high of $5.40.

Achillion Pharmaceuticals

Achillion Pharmaceuticals (ACHN), a biopharmaceutical company, discovers, develops and commercializes anti-infective drug therapies in the U.S. and internationally. This stock closed up 2.5% to $3.70 in Tuesday's trading session.

Tuesday's Range: $3.52-$3.80
52-Week Range: $2.26-$8.99
Tuesday's Volume: 2.75 million
Three-Month Average Volume: 2.04 million

From a technical perspective, ACHN bounced modestly higher here right off its 50-day moving average of $3.51 with above-average volume. This stock has been trending sideways and consolidating for the last two months, with shares moving between $2.98 on the downside and $3.87 on the downside. This spike higher on Tuesday is starting to push shares of ACHN within range of triggering a near-term breakout trade above the upper-end of its recent sideways trading chart pattern. That trade will hit if ACHN manages to take out some near-term overhead resistance levels at $3.77 to $3.87 with high volume.

Traders should now look for long-biased trades in ACHN as long as it's trending above some near-term support at $3.20 or above $3 and then once it sustains a move or close above those breakout levels volume that hits near or above 2.04 million shares. If that breakout hits soon, then ACHN will set up to re-test or possibly take out its next major overhead resistance levels at $4.36 or its 200-day moving average of $4.72. Any high-volume move above those levels will then give ACHN a chance to re-fill some of its previous gap-down-day zone from last September that started above $7.

To see more stocks that are making notable moves higher, 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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