Array Biopharma (ARRY) is a biopharmaceutical company focused on the discovery, development and commercialization of small molecule drugs to treat patients afflicted with cancer and inflammatory diseases. This stock is trading up 3.7% to $5.61 in recent trading.
Today’s Range: $5.50-$5.77
52-Week Range: $1.58-$5.94
Volume: 631,000
Three-Month Average Volume: 1 million
From a technical perspective, ARRY is bouncing solidly higher here right off some near-term support at $5.40 with decent volume. This move is quickly pushing ARRY within range of triggering a major breakout trade. That trade will hit once ARRY manages to take out some key overhead resistance levels at $5.85 to $5.94 with high volume.
Traders should now look for long-biased traders in ARRY as long as it’s trending above its 50-day at $5.12, and then once it sustains a move or close above those breakout levels with volume that’s near or above 1 million shares. If that breakout triggers soon, then ARRY will setup to tag its next significant overhead resistance level at $8.
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