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Layne Christensen(LAYN - Get Report) is a global water management, construction and drilling company. The company provides solutions for water, mineral and energy challenges. This stock is trading up 8.6% at $21.09 in recent trading.
Today's Volume: 266,000
Average Volume: 170,069
Volume % Change: 163%
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From a technical perspective, LAYN is ripping higher here back above its 50-day moving average of $20.31 with above-average volume. This move is quickly pushing LAYN within range of triggering a major breakout trade. That trade will hit once LAYN manages to clear its 200-day at $21.72, and then once it takes out some more overhead resistance at $22.48 with high volume.
Traders should now look for long-biased trades in LAYN as long as it's trending above its 50-day at $20.31, and then once it sustains a move or close above those breakout levels with volume that's near or above 170,069 shares. If that breakout triggers soon, then look for LAYN to re-test or possibly take out its next major overhead resistance levels at $22.48 to $23.03, or possibly even $24.50.
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-- Written by Roberto Pedone in Winderemere, Fla.