Metabolix (MBLX) is a bioscience company that develops and is in the process of commercializing environmentally sustainable, economically attractive alternatives to petroleum-based plastics, with work underway to do the same with chemicals and energy. This stock is trading up 11.8% to $1.88 in recent trading.
Today’s Range: $1.67-$1.85
52-Week Range: $1.07-$3.48
Three-Month Average Volume: 197,432
From a technical perspective, MBLX is ripping higher here back above its 200-day moving average of $1.72 with decent volume. This move has also pushed shares of MBLX into breakout territory, since the stock has taken out some near-term overhead resistance at $1.78. Shares of MBLX are now quickly moving within range of triggering another major breakout trade. That trade will hit if MBLX manages to take out some near-term overhead resistance levels at $2 to $2.10 and then $2.19 with high volume.
Traders should now look for long-biased trades in MBLX as long as it’s trending above its 200-day at $1.72, and then once it sustains a move or close above those breakout levels with volume that hits near or above 197,432 shares. If that breakout triggers soon, then MBLX will set up to re-test or possibly take out its next major overhead resistance levels at $2.32 to $2.67. Any high-volume move above $2.67 will then put $3 to $3.20 into range for shares of MBLX.
After watching this stock flounder for nearly a year I was beginning to think that the only one watching this stock was existing investors and shorts who promise regular to take away a few more pennies from friends, family and other Metabolix longs. Yesterday I was very surprised to learn that Roberto Pedone (a senior contributor to TheStreet) not only follows Metabolix but has been watching the charts, the trend and sees the potential for it to break $3 again if we see a breakout followed by high-volume.