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SGOCO Group(SGOC), which is focused on developing its own brands and distribution in the Chinese flat panel display market, is trading up 13.7% to $1.32 in recent trading.
Today's Range: $1.16-$1.41
52-Week Range: $0.61-$3.78
Three-Month Average Volume: 85,820
From a technical perspective, SGOC is ripping higher here right off its 50-day moving average of $1.13 with above-average volume. This stock recently formed a double bottom chart pattern at $1.12 prior to today's monster spike. Shares of SGOC are now moving within range of triggering a near-term breakout trade. That trade will hit if SGOC manages to take out some near-term overhead resistance levels at its 200-day of $1.38 and then above more resistance at $1.55 with high volume.
Traders should now look for long-biased trades in SGOC as long as it's trending above $1.12, and then once it sustains a move or close above those breakout levels with volume that hits near or above 85,820 shares. If that breakout triggers soon, then SGOC will set up to re-test or possibly take out its next major overhead resistance levels at $2.06 to $2.30.