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>>5 Stocks Insiders Love Right Now
From a technical perspective, BALT spiked modestly higher here right above its 50-day moving average at $3.66 with lighter-than-average volume. This move is quickly pushing shares of BALT within range of triggering a major breakout trade. That trade will hit if BALT manages to take out some near-term overhead resistance levels at $3.87 to $3.97 and then once it takes out more resistance at $4.10 with high volume.
Traders should now look for long-biased trades in BALT as long as it's trending above its 50-day at $3.66, and then once it sustains a move or close above those breakout levels with volume that hits near or above 153,476 shares. If that breakout triggers soon, then BALT will set up to re-test or possibly take out its 52-week high at $4.38. Any high-volume move above its 50-day will then give BALT a chance to trend north of $5.
Keep in mind that BALT is set to report earnings on July 31 after the market close. If this stock breaks out ahead of earnings, I would target a move to $4.38. If we get a positive reaction to earnings, then look for that move north of $5.
To see more stocks that are making notable moves higher today, check out the
Stocks Under $10 Moving Higher portfolio on Stockpickr.
-- Written by Roberto Pedone in Delafield, Wis.