7 Stocks Ripping Higher on Unusual Volume
Open Text
Open Text (OTEX) 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.Select the service that is right for you!
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