Today's Volume: 480,000
Average Volume: 294,677
Volume % Change: 228%
From a technical perspective, SIMO is ripping higher here right off its 200-day moving average of $14.88 with above-average volume. This stock has been uptrending strongly for the last month and change, with shares moving higher from its low of $12.50 to its intraday high of $15.49. During that move, shares of SIMO have been consistently making higher lows and higher highs, which is bullish technical price action. That move has now pushed SIMO within range of triggering a near-term breakout trade. That trade will hit if SIMO manages to clear some near-term overhead resistance levels at $16.10 to $16.57 with high volume.
Traders should now look for long-biased trades in SIMO as long as it's trending above its 200-day moving average of $14.88 or above near-term support at $14.50, and then once it sustains a move or close above those breakout levels with volume that hits near or above 294,677 shares. If that breakout triggers soon, then SIMO will set up to re-test or possibly take out its next major overhead resistance levels at $17.07 to $18. Any high-volume move above $18 will then put $19 into range for shares of SIMO.
To see more stocks rising on unusual volume, check out the
Stocks Rising On Unusual Volume
portfolio on Stockpickr.
-- Written by Roberto Pedone in Winderemere, Fla.
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