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Hydrogenics(HYGS - Get Report) designs, develops and manufactures hydrogen generation products based on water electrolysis technology and fuel cell products based on proton exchange membrane technology. This stock is trading up 8.5% to $8.20 in recent trading.
Today's Range: $7.51-$8.29
52-Week Range: $4.47-$8.78
Three-Month Average Volume: 13,189
From a technical perspective, HYGS is spiking higher here right above its 50-day moving average of $7.27 with relatively light volume. This move has started to push shares of HYGS into breakout territory, since the stock has cleared some near-term overhead resistance at $7.95. Shares of HYGS are now quickly moving within range of triggering another major breakout trade. That trade will hit if HYGS takes out its 52-week high of $8.78 with high volume.
Traders should now look for long-biased trades in HYGS as long as it's trending its 50-day at $7.27, and then once it sustains a move or close above $7.95 to $8.78 with volume that hits near or above 13,189 shares. If that breakout triggers soon, then HYGS will set up to enter new 52-week high territory, which is bullish technical price action. Some possible upside targets off that breakout are $10 to $11 in the near future.
To see more stocks that are making notable moves higher today, check out the
Stocks Under $10 Moving Higher portfolio on Stockpickr.
-- Written by Roberto Pedone in Winderemere, Fla.