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Patrick Industries(PATK) is a manufacturer of component products and distributor of building products and materials to the recreational vehicle and manufactured housing industries. This stock is trading up 6.7% at $14.50 in recent trading.
Today's Volume: 152,000
Average Volume: 123,306
Volume % Change: 227%
From a technical perspective, PATK is bouncing hard here right off some near-term support at $13.50 with above-average volume. This move has started to push PATK into near-term breakout territory, since the stock has taken out resistance at $14. This move is also pushing PATK within range of triggering another major breakout trade. That trade will hit once PATK takes out its 52-week high of $15.25 with high volume.
Traders should now look for long-biased trades in PATK as long as it's trending above $14, and then once it sustains a move or close above $15.25 with volume that's near or above 123,306 shares. If PATK can trigger that breakout, then this stock has an excellent chance of hitting $18 to $20 in the near future.