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COT) is engaged in the production of beverages on behalf of retailers and distributors. This stock closed up 4.5% to $8.75 a share in Thursday's trading session.
Thursday's Range: $8.29-$8.84
52-Week Range: $7.24-$11.25
Thursday's Volume: 1.82 million
Three-Month Average Volume: 466,884
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From a technical perspective, COT jumped higher here right above its 50-day moving average of $8.14 with monster upside volume. This stock has been uptrending strong for the last month and change, with shares moving higher from its low of $7.39 to its intraday high of $8.84. During that move, shares of COT have been consistently making higher lows and higher highs, which is bullish technical price action. That move has now pushed shares of COT within range of triggering a major breakout trade. That trade will hit if COT manages to take out some near-term overhead resistance levels at $8.84 to $9 with high volume.
Traders should now look for long-biased trades in COT as long as it's trending above its 50-day at $8.14 and then once it sustains a move or close above those breakout levels with volume that hits near or above 466,884 shares. If that breakout hits soon, then COT will set up to re-test or possibly take out its next major overhead resistance levels at $9.50 to 10.25. Any high-volume move above $10.25 will then give COT a chance to re-fill its previous gap-down zone from May that stared near $11.
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