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Bob Evans Farms(BOBE) is a full-service restaurant company that operates two restaurant concepts: Bob Evans Restaurants and Mimi's Cafes. The company also owns and operates BEF Foods, a producer and distributor of pork sausage and complementary homestyle convenience food items. This stock is trading up 1.3% at $39.30 in recent trading.
Today's Volume: 130,000
Average Volume: 156,956
Volume % Change: 56%.
From a technical perspective, BOBE is moving modestly higher here as the stock continues its upside momentum off of yesterday's move back above its 50-day moving average of $38.52. This run today is also pushing BOBE within range of a near-term breakout trade. That trade will hit once BOBE takes out some near-term overhead resistance at $39.50 with high volume.
Traders should now look for long-biased trades if BOBE can sustain a move or close above $39.50 with volume that's near or above 156,956 shares. If we get that action today or soon, then BOBE has a great chance of re-testing or possibly taking out its
52-week high of $41.06.
On the flipside, I would avoid BOBE or look for short-biased trades if it fails to trigger that breakout, and then takes out its 50-day at $38.42 and then some near-term support at $37.57 to $37.48 with high-volume.