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SLM's(SLM - Get Report) primary business is to originate, service and collect loans it makes to students and/or their parents to finance the cost of their education. This stock is trading up 5.3% at $16.00 in recent trading.
Today's Volume: 6.75 million
Average Volume: 4.25 million
Volume % Change: 163%
Shares of SLM are ripping to the upside today after Janney Capital upgraded the stock to buy from neutral.
From a technical perspective, SLM is moving sharply higher here with above average volume. This move is quickly pushing SLM within range of triggering a major breakout trade. That trade will hit once SLM takes out some near-term overhead resistance at $16.44, and then some past overhead resistance at $16.74 with high volume.
Traders should now look for long-biased trades once SLM sustains a move or close above those levels with volume that's near or above 4,247,980 shares. If we get that action soon, then SLM will enter new 52-week-high territory once it clears $17.00, which would be bullish technical price action.
SLM was also featured in "
5 Rocket Stocks to Buy for Earnings Season."