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Regal Beloit (
RBC) manufactures and sells electric motors and controls, electric generators and controls and mechanical motion control products in the U.S., Asia and internationally. This stock closed up 1.4% at $66.46 on Wednesday.
Wednesday's Volume: 865,000
Average Volume: 431,197
Volume % Change: 132%
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From a technical perspective, RBC trended higher here back above its 50-day moving average at $66.20 with high volume. This stock recently formed a double bottom chart pattern at $61.89 to $61.66. Following that bottom, shares of RBC have ripped higher and are now moving within range of triggering a major breakout trade. That trade will hit if RBC manages to take out some near-term overhead resistance levels at $68.53 to $68.86 with high volume.
Traders should now look for long-biased trades in RBC as long as it's trending above $65 and then once it sustains a move or close above those breakout levels with volume that's near or above 431,197 shares. If that breakout hits soon, then RBC will set up to re-fill some of its previous gap down zone from early May that started at $78.46. Some possible upside targets if RBC gets into that gap with volume are its 200-day at $71 or $73.
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