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Millennial Media(MM) is a mobile advertising platform company whose technology, tools and services help developers maximize their advertising revenue. This stock is trading up 8.8% at $15.51 in recent trading.
Today's Volume: 5.3 million
Average Volume: 641,886
Volume % Change: 2042%
Shares of MM are spiking big to the upside today after the company announced the pricing of its previously announced underwritten public offering of 10 million shares of its common stock at $14.15 per share.
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From a technical perspective, MM is gapping higher here right above its 50-day moving average of $13.54 with monster upside volume. This move is quickly pushing MM within range of triggering a near-term breakout trade. That trade will hit once MM manages to take out some near-term overhead resistance levels at $16 to $16.58 with high volume.
Traders should now look for long-biased trades in MM as long as it's trending above its 50-day at $13.54, and then once it sustains a move or close above those breakout levels with volume that hits near or above 641,886 shares. If that breakout triggers soon, then look for MM to re-test or possibly take out its next major overhead resistance levels at $19.40 to $19.98.