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Ellie Mae(ELLI - Get Report) is an electronic mortgage origination network in the U.S. This stock is trading up 4.2% at $29.60 in recent trading.
Today's Volume: 775,000
Average Volume: 589,916
Volume % Change: 208%
Shares of ELLI are trending higher today after Oppenheimer predicted that the stock will become appealing to investors due to the company's high visibility, lack of European exposure, raised prices and weak competition.
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From a technical perspective, ELLI is printing a new 52-week high here, and it's spiking into breakout territory with above-average volume. Shares of ELLI have started to push above some near-term overhead resistance at $29.49, which also happens to be the stock's previous all-time higher.
Traders should now look for long-biased trades in ELLI as long as it's trending above $26 with strong upside volume flows. I would consider any upside volume day that hits near or above 589,916 shares as bullish. If ELLI can continue to hold that trend, then the stock has a great chance of trending up towards $35 to $40 in the near future.