here is some encouraging info
Another under-$10 specialty pharmaceutical player that's starting to spike within range of triggering a big breakout trade is Pernix Therapeutics (PTX) , which develops, manufactures, markets and sells pharmaceutical products. This stock has been destroyed by the sellers over the last six months, with shares off sharply by 80%.
If you look at the chart for Pernix Therapeutics, you'll notice that this stock recently double bottomed back in May, after shares found some buying interest at 39 cents per share. Following that bottom, this stock has started to uptrend and move back above its 20-day moving average of 46 cents per share with strong upside volume flows. That uptrend is now quickly pushing shares of Pernix Therapeutics within range of triggering a major breakout trade above some key near-term overhead resistance levels.
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Market players should now look for long-biased trades in Pernix Therapeutics if it manages to break out above some near-term overhead resistance levels at Wednesday's intraday high of 56 cents per share and then above more key resistance levels at 67 to 70 cents per share with high volume. Look for a sustained move or close above those levels with volume that registers near or above its three-month average action of 4.47 million shares. If that breakout fires off soon, then this stock will set up to re-fill some of its previous gap-down-day zone from May that stared near $1.20 a share.
Traders can look to buy Pernix Therapeutics off weakness to anticipate that breakout and simply use a stop that sits right around its 20-day moving average of 46 cents per share. One can also buy this stock off strength once it starts to trend above those breakout levels with volume and then simply use a stop that sits a comfortable percentage from your entry point.
