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China Mobile(CHL) provides a range of mobile telecommunications services in all 31 provinces, autonomous regions and directly-administered municipalities in Mainland China as well as in Hong Kong. This stock is trading up 2.8% at $55.61 in recent trading.
Today's Volume: 893,000
Average Volume: 778,417
Volume % Change: 104%
From a technical perspective, CHL is bouncing to the upside here right off its 50-day moving average of $54.11 with above-average volume. This move is quickly pushing CHL within range of triggering a near-term breakout trade. That trade will hit once CHL manages to take out some near-term overhead resistance at $55.97 with high volume.
Traders should now look for long-biased trades in CHL as long as its trending above its 50-day, and then once it sustains a move or close above $55.97 with volume that hits near or above 778,417 shares. If that breakout triggers soon, then look for CHL to re-test or possibly take out its next major overhead resistance level at $58.40.