Rock-Tenn (RKT - Get Report) is a manufacturer of packaging products, recycled paperboard, containerboard, bleached paperboard and merchandising displays. This stock is trading up 6% at $72.85 in recent trading.
Today's Volume: 1.6 million
Average Volume: 962,108Volume % Change: 283% Shares of RKT are ripping higher today after Credit Suisse raised its price target on the stock to $82 from $73. The firm said reports indicate that containerboard producers successfully passed through a full $50 a ton price increase in September. From a technical perspective, RKT is trending higher here with above-average volume. This move has also pushed RKT above some near-term overhead resistance at $70.51. This move is quickly pushing RKT within range of triggering a major breakout trade. That trade will hit once RKT manages to clear some past overhead resistance at $73.65 with high volume. Traders should now look for long-biased trades in RKT as long as it's trending above $70.51, and then once it sustains a move or close above $73.65 with volume that's near or above 962,108 shares. If that breakout triggers soon, then RTK will have a great chance of re-testing or possibly taking out its next major overhead resistance level at $77.33.
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