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Diamond Foods(DMND - Get Report), a packaged food company, specializes in processing, marketing and distributing snack products and culinary, in-shell and ingredient nuts. This stock is trading up 5% at $20.78 in recent trading.
Today's Volume: 379,000
Average Volume: 343,522
Volume % Change: 101%
>>5 Oversold Stocks Ready to Bounce
From a technical perspective, DMND is gapping up sharply here with above-average volume. This move is quickly pushing DMND within range of triggering a major breakout trade. That trade will hit once DMND takes out some overhead resistance levels at $20.87 to $21.12 with high volume.
Traders should now look for long-biased traders in DMND as long as is trending above $19.72 and then once it sustains a move or close over $20.87 to $21.12 with volume that's near or above 343,522 shares. If that breakout triggers soon, then DMND will have a great chance of re-testing or possibly taking out its 200-day moving average of $23.48.
On the flip side, I would avoid DMND or look for short-biased trades if it fails to trigger that breakout, and then drops below some major near-term support at $18.51 with heavy volume.