A stock in the biotechnology and drugs complex that's trading within range of triggering a near-term breakout trade is Nektar Therapeutics (NKTR - Get Report), which is developing a pipeline of drug candidates that utilize its PEGylation and advanced polymer conjugate technology platforms.
If you look at the chart for Nektar Therapeutics, you'll see that this stock made a monster move higher from its June low of $6.40 a share to its July high of $9.94 a share. Following that explosive move higher, shares of NKTR pulled back and entered a sideways trading pattern between $7.86 and $8.73 a share. Traders should now watch NKTR for a high-volume move outside of that sideways trading pattern, since that could trigger a powerful breakout trade.
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