Peet's Coffee & Tea (PEET)
This company is a specialty coffee roaster and marketer of roasted coffee and tea. This stock is trading up 1.9% at $57.59 in recent trading.Today's Volume: 218,000 Average Volume: 165,578 Volume % Change: 50% From a technical perspective, PEET is bouncing here off its recent low of $55.92 with above average volume. This bounce is also coming off of oversold conditions, since its current relative strength index reading is 32.84. Oversold can always get more oversold, but PEET is now worth watching since this bounce is coming on down day for the overall market. Traders should now look for long-biased trades as long as PEET is trending above $55.92 with strong upside volume flows. I would consider any upside volume day that hits near or above 165,578 shares as bullish. If we continue to see this strength, look for PEET to take out some resistance at $60 and possibly hit its 200-day moving average of $62.27. On the flipside, I would avoid this stock or look for short-biased trades if it takes out $55.92 with high volume.
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