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Silvercorp Metals(SVM) is engaged in the acquisition, exploration, development and mining of silver-related mineral properties in China and Canada. This stock is trading up 5.8% to $5.87 in recent trading.
Today's Range: $5.66-$5.99
52-Week Range: $4.89-$10.08
Volume: 1.4 million
Three-Month Average Volume: 1.2 million
From a technical perspective, SVM is gapping up sharply here back above its 50-day moving average of $5.50, and it's taken out some near-term overhead resistance at $5.60 with above average volume. This move is quickly pushing SVM within range of triggering a near-term breakout trade. That trade will hit once SVM clears some near-term overhead resistance at $6 with high volume.
Traders should now look for long-biased trades once SVM sustains a move or close above $6 with volume that's near or above 1,224,720 shares. At last check, SVM has hit an intraday high of $6 and volume is well above its three-month average of 1.2 million shares. If that breakout triggers soon, then SVM has a great chance of re-testing and possibly taking out its next significant overhead resistance levels at $6.57 to $7.28. Traders should now use the 50-day at $5.50 to key off of for near-term support.
To see more stocks under-$10 that are making notable moves higher today, check out the
Stocks Under-$10 Moving Higher portfolio on Stockpickr.
-- Written by Roberto Pedone in Winderemere, Fla.