Traders should now look for long-biased trades in PANW as long as it's trending above its 50-day at $55.77 and then once it sustains a move or close above those breakout levels with volume that hits near or above 1.02 million shares. If that breakout hits soon, then PANW will set up to re-test or possibly take out its next major overhead resistance levels at $62.19 to $67.
Starwood Hotels & Resorts Worldwide
Starwood Hotels & Resorts Worldwide (HOT - Get Report) operates hotel and leisure business both directly and through its subsidiaries. Its brand names include St. Regis, The Luxury Collection, W, Westin and Le Meridien This stock closed up 2.5% at $62.49 on Wednesday.
Wednesady's Volume: 3.49 millionAverage Volume: 1.77 million Volume % Change: 81% Shares of HOT moved higher on Wednesday after the company said it plans to spend $200 million over the next three years to renovate 13 of its Le Meridien hotels in the Middle East and Africa. From a technical perspective, HOT spiked higher here and pushed back above its 50-day moving average of $61.25 with above-average volume. This move is quickly pushing shares of HOT within range of triggering a major breakout trade. That trade will hit if HOT manages to clear some near-term overhead resistance levels at $63 to its 52-week high at $63.53 with high volume. Traders should now look for long-biased trades in HOT as long as it's trending above its 50-day at $61.25 and then once it sustains a move or close above those breakout levels with volume that hits near or above 1.77 million shares. If that breakout happens soon, then HOT will set up to enter new 52-week-high territory above $63.53, which is bullish technical price action. Some possible upside targets off that breakout are $65 to $70. To see more stocks rising on unusual volume, check out the Stocks Rising On Unusual Volume portfolio on Stockpickr. -- Written by Roberto Pedone in Winderemere, Fla.
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