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MBI) provides financial guarantee insurance, as well as related reinsurance, advisory and portfolio services, for the public and structured finance markets, and asset management advisory services, on a global basis. This stock closed up 7.5% to $15.48 on Wednesday.
Wednesday's Volume: 20.46 million
Average Volume: 5.96 million
Volume % Change: 305%
Shares of MBI ripped higher on Wednesday after
The Wall Street Journal reported the company settled a mortgage-bond suit with Societe Generale for $350 million.
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From a technical perspective, MBI ripped higher here right off some near-term support at $14 with monster upside volume. This stock recently made a super spike higher from around $10 to $15.45 with heavy upside volume. Shares of MBI are now starting to enter new 52-week-high territory, since the stock took out some previous resistance at $15.45. At last check, MBI hit an intraday high of $15.75 and volume was well above its three-month average action of 5.96 million shares.
Traders should now look for long-biased trades in MBI as long as it's trending above $14 and then once it sustains a move or close above $15.45 to $15.75 with volume that hits near or above 5.96 million shares. If that breakout triggers soon, then MBI will set up to re-test or possibly take out its next major overhead resistance level at $20.