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A Schulman(SHLM - Get Report) supplies plastic compounds, resins and engineered plastics. This stock is trading up 4.4% at $30.40 in recent trading.
Today's Volume: 315,000
Average Volume: 117,262
Volume % Change: 338%
From a technical perspective, SHLM is ripping higher here right above some near-term support at $28 with above-average volume. This move has started to push SHLM into breakout territory, since the stock has cleared some near-term overhead resistance at $30. This move has also pushed SHLM into new 52-week high territory above $30, which is bullish technical price action.
Traders should now look for long-biased trades in SHLM as long as it's trending above today's low of $29.51 with strong upside volume flows. Traders can also use that key near-term support at $28 for an area to look for long-biased trades. I would consider any upside volume day that registers near or above its three-month average volume of 117,262 shares as bullish. If SHLM can maintain that trend, then this stock has a solid chance of hitting $33 to $35 in the near future.