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Open Text(OTEX - Get Report) is engaged in providing enterprise content management software solutions. Open Text builds software that combines collaboration and process optimization. This stock is trading up 10.2% at $54.45 in recent trading.
Today's Volume: 1,121,000
Average Volume: 384,133
Volume % Change: 419%
Shares of OTEX are ripping higher today after the Raymond James reiterated its outperform rating on the stock and raised its price target from $67 to $72. Raymond James noted, "Open Text reported results of $306 million and $1.17 of earnings per share, more or less in-line with consensus of $309 million on earnings per share of $1.16. License sales of $78 million were slighting ahead of estimates of $77 million.
From a technical perspective, OTEX is soaring here with monster volume, and the stock has started to move above its 200-day moving average of $53.81.
Traders should now look for long-biased trades as long as OTEX is trending above $53.21 to its 200-day moving average of $53.81 with strong upside volume flows. I would consider any upside volume day that registers near or above 384,133 shares as bullish. If OTEX can hold a trend above those levels, then look for this stock to re-test and possibly take out its next major overhead resistance level near $58.