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Rovi(ROVI - Get Report) focuses on powering the discovery and enjoyment of digital entertainment by providing a broad set of integrated solutions. This stock is trading up 5.8% at $16.78 in recent trading.
Today's Volume: 2.20 million
Average Volume: 969,433
Volume % Change: 351%
Shares of ROVI are ripping higher today after the company said it would look to sell its Rovi Entertainment Store business.
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From a technical perspective, ROVI is gapping higher here right above its 50-day moving average of $15.21 with monster upside volume. This move has started to push ROVI into breakout territory, since the stock is challenging some previous overhead resistance levels at $16.42 to $16.91. At last check, ROVI have hit an intraday high of $17.13 and volume is well above its three-month average action of 969,433 shares.
Traders should now look for long-biased trades in ROVI as long as it's trending above $15.75, and then once it sustains a move or close above $16.91 to $17.13 with volume that hits near or above 969,433 shares. If ROVI can maintain that trend, then this stock will set up to re-test or possibly take out its next major overhead resistance levels at $17.50 to its 200-day moving average of $19.24.