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DreamWorks Animation SKG (
DWA) is engaged in the development, production and exploitation of animated films and their associated characters. This stock closed up 6.5% to $25.87 on Friday.
Friday's Volume: 1.92 million
Average Volume: 852,200
Volume % Change: 127%
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From a technical perspective, DWA ripped higher here right above some near-term support at $24.04 and above its 50-day at $23.13 with heavy upside volume. This stock has been uptrending strong for the last four months and change, with shares soaring higher from its low of $15.90 to its recent high of $26.67. During that uptrend, shares of DWA have been consistently making higher lows and higher highs, which is bullish technical price action. That move has now pushed shares of DWA within range of triggering a near-term breakout trade. That trade will hit if DWA manages to take out its 52-week high at $26.67 with high volume
Traders should now look for long-biased trades in DWA as long as it's trending above some near-term support levels at $24.04 or its 50-day at $23.13 and then once it sustains a move or close above its 52-week high at $26.67 with volume that hits near or above 852,200 shares. If that breakout triggers soon, then DWA will set up to enter new 52-week-high territory, which is bullish technical price action. Some possible upside targets off that breakout are $30 to $35.