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Ellie Mae(ELLI - Get Report) is an electronic mortgage origination network in the U.S. Its network and the technology-enabled solutions help streamline and automates the mortgage origination process. This stock is trading up 5.7% at $22.08 in recent trading.
Today's Volume: 2.54 million
Average Volume: 693,761
Volume % Change: 464%
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From a technical perspective, ELLI is ripping higher here back above its 200-day moving average of $22.49 with monster upside volume. This move is quickly pushing shares of ELLI within range of triggering a near-term breakout trade. That trade will hit if ELLI manages to take out its 50-day moving average of $24.22 with high volume.
Traders should now look for long-biased trades in ELLI as long as it's trending above today's low of $21.79, and then once it sustains a move or close above $24.22 with volume that hits near or above 693,761 shares. If that breakout hits soon, then ELLI will set up to re-test or possibly take out its next major overhead resistance levels at $25 to $27.68.