Celsion Corporation (CLSN)

[Skeena]

Celsion (CLSN) is an innovative oncology drug development company focused on the development of treatments for those suffering with difficult to treat forms of cancer. This stock closed up 4.1% to $1.25 in Thursday's trading session.

Thursday's Range: $1.17-$1.28
52-Week Range: $0.75-$9.44
Thursday's Volume: 2.97 million
Three-Month Average Volume: 1.93 million

From a technical perspective, CLSN spiked higher here right off its 50-day moving average of $1.20 with heavy upside volume. This move is quickly pushing shares of CLSN within range of triggering a major breakout trade. That trade will hit if CLSN manages to take out Thursday's high of $1.28 and then once it clears some key resistance levels at $1.47 to $1.55 with high volume.

Traders should now look for long-biased trades in CLSN as long as it's trending above some near-term support at $1.15 and then once it sustains a move or close above those breakout levels with volume that hits near or above 1.93 million shares. If that breakout triggers soon, then CLSN will set up to re-test or possibly take out its next major overhead resistance levels at $2 to $2.10.