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Conmed(CNMD) is a medical technology company. It emphasizes on surgical devices and equipment for minimally invasive procedures and monitoring. This stock is trading up 2.5% at $28.25 in recent trading.
Today's Volume: 186,000
Average Volume: 83,617
Volume % Change: 381%
From a technical perspective, CNMD is bouncing hard here right off its 200-day moving average of $27.60 with above-average volume. This move has pushed CNMD above some near-term overhead resistance at $27.80. This move is also quickly pushing CNMD within range of another major breakout trade. That trade will hit once CNMD takes out some resistance at $28.91 with high volume.
Traders should now look for long-biased trades in CNMD as long as it's trending above $27.80, and then once it sustains a move or close above $28.91 with volume that's near or above 83,617 shares. If that breakout triggers soon, then CNMD will have a great chance of re-testing or possibly taking out its next major overhead resistance levels at $30.35 to $31.42.
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.