Traders should now look for long-biased trades in CHTP as long as it's trending above $1.80, and then once it sustains a move or close above those breakout levels with volume that hits near or above 1.47 million shares. If that breakout triggers soon, then CHTP will set up to re-test or possibly take out its next major overhead resistance levels at $2.31 to $2.50. Any high volume move above $2.50 will then put $3 into range for shares of CHTP.
Silvercorp Metals (SVM - Get Report) is engaged in the acquisition, exploration, development and mining of high-grade silver-related mineral properties in China and Canada. Silvercorp is the largest primary silver producer in China. This stock is trading up 4.9% to $4.04 in recent trading.
Today's Range: $3.87-$4.0652-Week Range: $3.37-$7.20 Volume: 1.11 million Three-Month Average Volume: 1.46 million From a technical perspective, SVM is ripping higher here right off some near-term support at $3.75 with decent upside volume. This stock has been downtrending badly for the last five months, with shares dropping from its high of $6.25 to its recent low of $3.37. During that move, shares of SVM have been consistently making lower highs and lower lows, which is bearish technical price action. That said, shares of SVM have started to rebound off that $3.37 low and it's now quickly moving within range of triggering a near-term breakout trade. That trade will hit if SVM manages to take out its 50-day moving average at $4.13 and then once it clears more resistance at $4.16 with high volume. Traders should now look for long-biased trades in SVM as long as it's trending above today's low of $3.87, and then once it sustains a move or close above those breakout levels with volume that hits near or above 1.46 million shares. If that breakout hits soon, then SVM will set up to re-test or possibly take out its next major overhead resistance levels at $4.48 to $4.56. Any high-volume move above those levels will then put $4.95 to its 200-day moving average of $5.30 into range for shares of SVM.