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Polaris Industries(PII - Get Report) designs, engineers and manufactures off-road vehicles including all-terrain vehicles and side-by-side vehicles for recreational and utility use, snowmobiles, and on-road vehicles, including motorcycles and small electric vehicles together with the related replacement parts, garments and accessories. This stock is trading up 3.4% at $81.25 in recent trading.
Today's Volume: 598,000
Average Volume: 815,334
Volume % Change: 50%
>>5 Big Stocks Set to Slingshot Higher
Shares of PII are moving higher today after Citigroup said its dealer channel checks suggest that Polaris retail sales growth in the third quarter continues to be strong. Citigroup has a buy rating on the stock and a $94 price target.
From a technical perspective, PII is bouncing hard here right around some near-term support at $78 with decent volume. This move is quickly pushing PII within range of triggering a major breakout trade. That trade will hit once PII takes out some past overhead resistance levels at $81.87 to $82.83 with high volume.
Traders should now look for long-biased trades in PII once it sustains a move or close above those breakout levels with volume that's near or above 815,334 shares. If that breakout triggers soon, then PII will have a great chance of hitting $90 to $100 in the near future. Keep in mind that if PII takes out $82.83 it will mean the stock has entered new 52-week-high territory, which is bullish technical price action. Trader can also buy PII off weakness to anticipate that breakout as long as it holds its trend above $78.
To see more stocks rising on unusual volume, check out the
Stocks Rising on Unusual Volume portfolio on Stockpickr.
-- Written by Roberto Pedone in Winderemere, Fla.