Alcobra (ADHD), a biopharmaceutical company, focuses on the development and commercialization of proprietary drug candidates This stock closed up 5.8% to $18.99 in Wednesday's trading session.
Wednesday's Volume: 387,000
Three-Month Average Volume: 91,324
Volume % Change: 326%
From a technical perspective, ADHD gapped sharply higher here back above its 200-day moving average of $18.64 with strong upside volume flows. This stock recently formed a double bottom chart pattern at $16.35 to $16.75. Following that bottom, shares of ADHD have started to rip higher and move within range of triggering a near-term breakout trade. That trade will hit if ADHD manages to take out some near-term overhead resistance levels at $19.96 to $21.33 with high volume.
Traders should now look for long-biased trades in ADHD as long as it's trending above Wednesday's intraday low of $18.34 or above its 50-day at $17.52 and then once it sustains a move or close above those breakout levels with volume that hits near or above 91,324 shares. If that breakout hits soon, then ADHD will set up to re-test or possibly take out its next major overhead resistance levels at $22.25 to right around $25 to $25.50.