4 Stocks Poised to Break Out
One could look to buy BCRX off weakness and anticipate the breakout with a stop at around $3.75 a share. You could also buy BCRX off strength and get long once it clears $4.25 with high volume. I would simply use a stop at around $3.70 to $3.50, if you buy off strength, in case the breakout fails to hold. It's worth pointing out that volume today is already close to 1 million shares traded, with BCRX up over 7% to $4 a share. This action shows that large traders could already be positioning for a larger move higher in BCRX.
To see more breakout candidates, check out the Breakout Stocks of the Week portfolio on Stockpickr.
-- Written by Roberto Pedone in Winderemere, Fla.