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Emcore(EMKR - Get Report) is a provider of compound semiconductor-based components and subsystems for the broadband, fiber optic, satellite and terrestrial solar power markets. This stock is trading up 8.1% to $5.05 in recent trading.
Today's Range: $4.59-$5.08
52-Week Range: $3.45-$5.99
Three-Month Average Volume: 100,249
From a technical perspective, EMKR is ripping higher here right off its 200-day moving average of $4.62 with above-average volume. This stock has been uptrending strongly for the last two months, with shares soaring from its low of $3.91 to its intraday high of $5.06. During that move, shares of EMKR have been consistently making higher lows and higher highs, which is bullish technical price action. This move today has now pushed EMKR into breakout territory, since the stock has taken out some near-term overhead resistance levels at $4.85 to $4.96.
Traders should now look for long-biased trades in EMKR as long as it's trending above $4.50, and then once it sustains a move or close above those breakout levels with volume that hits near or above 100,249 shares. If EMKR can maintain this move, then this stock will set up to re-test or possibly take out its next major overhead resistance levels at $5.87 to $5.99. Any high-volume move above those levels will then put $7 into range for shares of EMKR.