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PetSmart(PETM) is a specialty provider of products, services and solutions for the lifetime needs of pets. This stock is trading up 1% at $58.16 in recent trading.
Today's Volume: 758,000
Average Volume: 936,984
Volume % Change: 68%
From a technical perspective, PETM is continuing its upward momentum here after the stock closed back above its 50-day moving average of $57.19 yesterday. This move is quickly pushing PETM within range of triggering a major breakout trade. That trade will hit once PETM takes out some near-term overhead resistance at $59.36 with high-volume.
Traders should look for long-biased trades in PETM if it can sustain a move or close above $59.36 with volume that's near or above 936,984 shares. If we get that action soon, then I would consider it very bullish price action since PETM will be trending in all-time high territory. Some potential upside targets are $65 to $70 if that high-volume breakout triggers in the coming days or weeks.
To see more stocks rising on unusual volume, check out the
Stocks Rising On Unusual Volume portfolio on Stockpickr.
-- Written by Roberto Pedone in Winderemere, Fla.