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Wright Medical Group(WMGI) is a global orthopedic medical device company specializing in the design, manufacture and marketing of devices and biologic products for extremity, hip and knee repair and reconstruction. This stock is trading up 8.7% at $20.38 in recent trading.
Today's Volume: 944,000
Average Volume: 305,258
Volume % Change: 274%
Shares of WMGI are soaring today after the company said net income jumped around 28% to $4.6 million, or 12 cents per share, versus net income of $3.6 million, or 9 cents per share, in the first quarter of 2011.
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From a technical perspective, WMGI is soaring today on monster volume and the stock has started to move into breakout territory with shares trending above some near-term overhead resistance at $19.87.
Traders should continue to look for long-biased trades in WMGI if it can manage to close near its daily highs, and maintain its trend above $19.87 with strong upside volume flows. I would consider any upside volume day that registers near or above 305,258 shares as bullish. If we continue to see that action, look for WMGI to tag its next significant overhead resistance levels at $21 to $22 in the near future.