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Ellie Mae(ELLI - Get Report) hosts an electronic mortgage origination networks in the U.S. This stock is trading up 6.2% at $25.43 in recent trading.
Today's Volume: 808,000
Average Volume: 500,234
Volume % Change: 380%
Shares of ELLI are ramping higher today after ThinkEquity said it expects the company to continue to benefit from a number of current trends and it reiterated its $30 price target and buy rating on the stock.
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From a technical perspective, ELLI is ripping to the upside here after the stock briefly traded below some near-term support at $24.61. Volume so far today is tracking in strong and well above its average daily action.
Traders should now look for long-biased trades if ELLI can manage to hold a trend above today's low of $23.58 with strong upside volume flows. I would consider any upside volume day that registers near or above 500,234 shares as bullish. If ELLI can hold that trend, then this stock has a great chance of re-testing and possibly taking out its recent high of $29.49.
On the flipside, if ELLI breaks below today's low with volume, then it will likely re-test its 50-day moving average of $20.44. Traders should look to buy ELLI anywhere near its 50-day, since the stock has held that level for over six months.