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Rue21(RUE) is a specialty apparel retailer. This stock is trading up 7.6% at $29.07 in recent trading.
Today's Volume: 470,000
Average Volume: 294,278
Volume % Change: 235%
Shares of RUE are soaring today after the company reported first quarter profit that rose more than estimated and it also raised its profit forecast for the year.
From a technical perspective, RUE is spiking sharply higher here back above its 50-day moving average of $28.79 with above average volume. This move is also pushing RUE above some near-term overhead resistance at $28.97.
Traders should continue to look for long-biased trades in RUE as long as it's trending above its 50-day and $28.97 with strong upside volume flows. I would consider any upside volume day that registers volume near or above 294,278 shares as bullish. If we continue to see RUE trending above those levels with volume, then this stock should easily re-test its May high of $31.97.