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8 Stocks Soaring on Big Volume

Semtech

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Semtech (SMTC - Get Report) is a supplier of analog and mixed-signal semiconductor products. Semtech designs, produces and markets a range of products that are sold principally into applications within the high-end consumer, industrial, computing and communications end-markets. This stock is trading up 3% at $24.43 in recent trading.

Today's Volume: 601,000

Average Volume: 511,614

Volume % Change: 144%

Shares of SMTC are moving higher today after Williams Financial upgraded the stock to buy from hold saying while its first quarter results were below consensus; the quarter was "fairly strong."

>>5 Earnings Stocks Poised to Pop

From a technical perspective, SMTC is ripping higher here on above average volume. This move is quickly pushing the stock within range of triggering a breakout trade. That trade will hit once SMTC takes out its 200-day moving average of $25.11, and then some overhead resistance at $25.50 with high-volume.

Traders should look for long-biased trades off a sustained move or close above those levels with volume that's near or above 511,614 shares. If we get that action soon, then SMTC could easily tag its 50-day moving average of $26.71, or possibly $27.50 to $28 in the near future.

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