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Meritor(MTOR - Get Report) is engaged in providing drivetrain mobility and braking solutions for original equipment manufacturers of trucks, trailers and specialty vehicles, as well as the related aftermarkets in the transportation and industrial sectors. This stock is trading up 10.1% to $5.10 in recent trading.
Today's Range: $4.60-$5.10
52-Week Range: $3.98-$10.31
Volume: 1.35 million
Three-Month Average Volume: 1.38 million
From a technical perspective, MTOR is soaring higher here right off some near-term support at $4.50 with decent volume. This move has pushed MTOR back above its 50-day moving average of $4.84, which also happens to be a major near-term overhead resistance level.
Traders should now look for long-biased trades as long as MTOR is trending above $4.60 to $4.84 with strong upside volume flows. I would consider any upside volume day that registers near or above 1.38 million shares as bullish. If MTOR can hold that trend, then look for this stock to re-test and possibly take out its next major overhead resistance level $5.60 to $5.80, or possibly even its 200-day moving average of $6.31.