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Avid Technology(AVID) is a provider of digital media content-creation products and solutions for film, video, audio and broadcast professionals, as well as artists and home enthusiasts. This stock is trading up 25% to $9.49 in recent trading.
Today's Range: $7.57-$9.54
52-Week Range: $5.76-$13.12
Three-Month Average Volume: 171,184
Shares of AVID are soaring higher today after the company reported second quarter revenue that topped Wall Street estimates and profit per share that missed. Revenue for the quarter was $157.4 million on a net loss of 11 cents per share, versus Wall Street estimates of $156.4 million on a loss of 10 cents per share.
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From a technical perspective, AVID is skyrocketing here back above its 200-day moving average at $8.55 with monster volume. This move has also pushed AVID above some near-term overhead resistance levels at $8.33 to $9.07.
Traders should now look for long-biased trades in AVID once it takes out its next major overhead resistance level at $9.50 with high volume. That $9.50 level is the low from when AVID gapped down big back in April from around $10.50. Look for a sustained move or close above $9.50 with volume that's near or above 171,184 shares. If that breakout triggers, then this stock is going to have a great chance of tagging $10.50 to $11.74.
At last check, AVID has hit an intraday high of $9.54, and volume is well above its three-month average of 171,184 shares. Keep in mind that you can also buy AVID and anticipate that breakout, as long as the stock holds is trend over the 200-day.