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Bob Evans Farms (
BOBE) is a full-service restaurant company that operates Bob Evans Restaurants. It is also a producer and distributor of pork sausage product and complementary home-style refrigerated side dishes and frozen food items. This stock closed up 1.8% to $47.86 on Monday.
Monday's Volume: 487,000
Average Volume: 156,091
Volume % Change: 211%
>>5 Stocks Ready to Break Out
From a technical perspective, BOBE trended higher here right off some near-term support at $47 with above-average volume. This stock has been uptrending for the last few weeks, with shares moving higher from its low of $44.85 to its intraday high of $47.98. During that move, shares of BOBE have been consistently making higher lows and higher highs, which is bullish technical price action. That move has now pushed BOBE within range of triggering a near-term breakout trade. That trade will hit if BOBE manages to take out its 52-week high at $48.47 with high volume.
Traders should now look for long-biased trades in BOBE as long as it's trending above some key near-term support levels at $47 or above $46, and then once it sustains a move or close above its 52-week high at $48.47 with volume that hits near or above 156,091 shares. If that breakout hits soon, then BOBE will set up to enter new 52-week-high territory, which is bullish technical price action. Some possible upside targets off that move are $55 to $58.