Traders should now look for long-biased trades in AXE as long as it's trending above some near-term support at $63.92, and then once it sustains a move or close above $66.89 with volume that hits near or above 253,664 shares. If that breakout triggers soon, then AXE will set up to re-fill its previous gap down zone from last May that started above $68.
Silicon Graphics International
(SGI - Get Report)
This company provides hardware and software technology within large-scale x86 cluster computing, HPC, Internet, Cloud Computing, large-scale data storage environments and visualization platforms across many verticals & geographies. This stock is trading up 5.6% at $11.48 in recent trading.
Today's Volume: 402,000
Average Volume: 228,585
Volume % Change: 180%
From a technical perspective, SGI is ripping higher here above some near-term support at $10 with above-average volume. This move has started to push shares of SGI into breakout territory, since the stock has taken out some near-term overhead resistance levels at $10.72 to $10.78.
Traders should now look for long-biased trades in SGI as long as it's trending above those breakout levels with strong upside volume flows. I would consider any upside volume day that registers near or above its three-month average action of 228,585 shares as bullish. If SGI can maintain that trend, then this stock will set up to re-fill some of its previous gap down zone from last February that started above $14.
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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