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Hi-Tech Pharmacal(HITK) is a specialty manufacturer and marketer of prescription, over-the-counter and nutritional products. It develops, manufactures and markets products in three categories: generics, prescription brands and OTC brands. This stock is trading up 8.3% at $31.72 in recent trading.
Today's Volume: 138,000
Average Volume: 93,608
Volume % Change: 148%
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technical perspective, HITK is ripping back above its 50-day
moving average of $30.23 here with above average volume. Whenever any stock makes a powerful move with heavy volume above a key moving average, then it should be considered bullish technical price action. This move today is quickly pushing HITK within range of triggering a near-term breakout trade. That trade will hit once HITK takes out some near-term overhead resistance at $33.21 with high volume.
Traders should now look for a long-biased trade as long as HITK is trending above its 50-day and once it takes out $33.21 with volume. Look for a sustained move or close above $33.21 with volume that's near or above 93,608 shares. If we get that action soon, then look for HITK to re-test and possibly take out its 200-day moving average of $35.20.