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Zoltek(ZOLT), through its subsidiaries, develops, manufactures, and markets carbon fibers and technical fibers primarily in Europe, the U.S. and Asia. This stock is trading up 11% at $11.35 in recent trading.
Today's Volume: 958,000
Average Volume: 467,692
Volume % Change: 301%
Shares of ZOLT are soaring today after the company announced that it is working with a unit of Magna International to speed development of low-cost carbon fiber sheeting molding compounds for the auto industry.
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From a technical perspective, ZOLT is gapping up strong today back above its 50-day moving average of $11.06 with heavy volume. Shares of ZOLT are also just starting to trigger a breakout trade as the stock starts to challenge some near-term overhead resistance at $11.64.
Traders should continue to look for long-biased trades as long as ZOLT is trending above $11.64 and if it closes near its daily highs. If we get that action, look for this stock to re-test its next significant overhead resistance level at around $13 to $13.30 in the near future.