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Align Technology(ALGN - Get Report) designs, manufactures and markets a system of clear aligner therapy, intra-oral scanners and computer-aided design and computer-aided manufacturing digital services used in dentistry, orthodontics, and dental records storage. This stock is trading up 5% at $33.30 in recent trading.
Today's Volume: 2.6 million
Average Volume: 1.2 million
Volume % Change: 273%
Shares of ALGN are ripping to the upside today after the company said it sold more of its product in the second quarter to more than double its profit. The company earned $28.5 million or 34 cents per share, vs. $11.2 million, or 14 cents per share for the same period last year. Its revenue jumped to $145.6 million from $120.1 million on stronger sales across all its product and customer channels.
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From a technical perspective, ALGN is soaring back above its 50-day moving average of $31.87 here with above average volume. This move is quickly pushing ALGN within range of triggering a near-term breakout trade. That trade will hit once ALGN takes out its 52-week high of $35.56 with high volume.
Traders should now look for long-biased trades in ALGN as long as it's trending above its 50-day with strong upside volume flows. I would consider any upside volume day that registers near or above 1.2 million shares as bullish. If we continue to see that action, then look to add to any long positions once ALGN takes out $35.65 with heavy volume. If that breakout triggers soon, then ALGN could tag $40.