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Actionable news in PTX: Pernix Therapeutics Holdings, Inc.,

These 5 Stocks Are Breaking Out

Pernix Therapeutics

One stock 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 bears over the last six months, with shares collapsing by 82.1%.

If you take a look at the chart for Pernix Therapeutics, you'll notice that this stock recently formed a double bottom chart pattern, after shares found some buying interest at 44 to 43 cents per share over the last month and change. Following that potential bottom, this stock has now started to rip higher and flirt with its 20-day moving average of 49 cents per share. That move is quickly pushing shares of Pernix Therapeutics within range of triggering a big breakout trade above some key overhead resistance levels.

Traders should now look for long-biased trades in Pernix Therapeutics if it manages to break out above some near-term overhead resistance levels at 51 to 52 cents per share and then above its 50-day moving average of 53 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 5.58 million shares. If that breakout triggers soon, then this stock will set up to re-test or possibly take out its next major overhead resistance levels at 58 to 60 cents, or even 64 to 67 cents per share.

Traders can look to buy Pernix Therapeutics off weakness to anticipate that breakout and simply use a stop that sits right below those recent double bottom support levels. One can also buy this stock off strength once it starts to take out those breakout levels with volume and then simply use a stop that sits a comfortable percentage from your entry point.


Dimension Therapeutics

Another stock that's starting to move within range of triggering a near-term breakout trade is Dimension Therapeutics (DMTX) , which focuses on discovering and developing therapeutic products for people living with rare diseases associated with the liver and caused by genetic mutations. This stock had been hit hard by the sellers over the last six months, with shares falling sharply by 36.7%.

If you take a glance at the chart for Dimension Therapeutics, you'll notice that this stock has been downtrending badly over the last month and change, with shares falling sharply off its high of $10.50 a share to its recent low of $5.55 a share. During that downtrend, shares of Dimension Therapeutics have been consistently making lower highs and lower lows, which is bearish technical price action. That said, this stock has now started to rebound off that $5.55 low and it's quickly trending within range of triggering a near-term breakout trade.

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks with serious upside potential in the next 12-months. Learn more.

Traders should now look for long-biased...


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