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Vaalco Energy(EGY - Get Report) is an independent energy company principally engaged in the acquisition, exploration, development and production of crude oil and natural gas. This stock is trading up 5.8% to $8.72 in recent trading.
Today's Range: $8.25-$8.78
52-Week Range: $5.13-$10.32
Three-Month Average Volume: 450,465
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From a technical perspective, EGY is rocketing higher here right off its 50-day moving average of $8.22 with light volume. This move is quickly pushing EGY within range of triggering a near-term breakout trade. That trade will hit once EGY manages to take out some near-term overhead resistance at $8.75 with high volume. At last check, EGY has hit an intraday high of $8.78 and volume is well below its three-month average action of 450,465 shares.
Traders should now look for long-biased trades in EGY as long as it's trending above $8.22 to $8.75 with strong upside volume flows. I would consider any upside volume day that registers near or above 450,465 shares as bullish. If EGY can manage to sustain that trend, then this stock will setup to re-test or possibly take out its next major overhead resistance levels at $9.60 to $9.65, and then its 52-week high of $10.32. Keep in mind that any move above $10.32 will push EGY into new 52-week-high territory, which is bullish price action. Some possible targets above that level are north of $11.