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Edap (EDAP) develops and markets the Ablatherm device, an advanced choice for High Intensity Focused Ultrasound treatment of localized prostate cancer. This stock is trading up 7.8% to $2.03 in recent trading.
Today's Range: $1.85-$2.14
52-Week Range: $1.37-$4.74
Three-Month Average Volume: 88,157
Shares of EDAP are ripping higher today after the company announced the installation of a third Sonolith i-move lithotripter in the U.S.
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From a technical perspective, EDAP is bursting back above its 50-day moving average today at $2.01 with above average volume. This move has also pushed EDAP into breakout territory with shares trending above some near-term overhead resistance at $1.89 to $2.
Traders should now look for long-biased trades off the next major breakout for EDAP. That breakout will trigger once EDAP moves or closes above its 200-day moving average of $2.18 with high volume. Look for volume on that move that's near or well above 88,157 shares. IF we get that action soon, look for EDAP to re-test its next significant overhead resistance levels at around $2.50 to $2.60.
Keep in mind that I would only be looking for long trades if EDAP is trending above $2.18 with strong upside volume flows.