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Impac Mortgage's(IMH - Get Report) operations include the mortgage and real estate fee-based business activities conducted by its subsidiaries. This stock is trading up 11.9% to $8.74 in recent trading.
Today's Range: $7.91-$8.93
52-Week Range: $1.45-$8.63
Three-Month Average Volume: 103,838
From a technical perspective, IMH is ripping to the upside here with above-average volume. This move has started to push IMH into major breakout territory, since the stock is flirting with some near-term overhead resistance at $8.63. At last check, IMH has hit an intraday high of $8.93 and volume is well above its three-month average action of 103,838 shares.
Traders should now look for long-biased trades in IMH as long as it's trending above $8.03 to $8.63 with strong upside volume flows. I would consider any upside volume day that registers near or above 103,838 shares as bullish. If IMH can maintain that trend, then look for this stock to trade north of $10 in the near future.
Keep in mind that IMH has now entered new 52-week-high territory, which is technically bullish price action.
To see more stocks under-$10 that are making notable moves higher today, check out the
Stocks Under-$10 Moving Higher portfolio on Stockpickr.
-- Written by Roberto Pedone in Winderemere, Fla.