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Seaspan(SSW - Get Report) operates a fleet of about 42 containerships and charters them pursuant to long-term, fixed-rate time charters to major container liner companies. This stock closed up 3.5% at $19.89 on Wednesday.
Wednesday's Volume: 356,000
Average Volume: 120,497
Volume % Change: 243%
From a technical perspective, SSW ripped higher here right above its recent low of $18.86 with above-average volume. This stock has been uptrending strong for the last month and change, with shares soaring from its low of $15.75 to its recent high of $20.15. During that move, shares of SSW have been consistently making higher lows and higher highs, which is bullish technical price action. That move has now pushed shares of SSW within range of triggering a near-term breakout trade. That trade will hit if SSW manages to take out some near-term overhead resistance at $20.15 with high volume.
Traders should now look for long-biased trades in SSW as long as it's trending above Wednesday's low of $19.51 or that recent low of $18.86, and then once it sustains a move or close above $20.15 with volume that hits near or above 120,497 shares. If that breakout hits soon, then SSW will set up to re-test or possibly take out its next major overhead resistance levels at $21.12. Any high-volume move above $21.12 could then send SSW towards $23 to $25 in the near future.