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GGB) produces long steel and flat steel items through the process of fabrication in electrical furnaces from scrap metal and purchased pig iron, as well as by manufacturing steel from iron ore in the blast furnace. This stock closed up 4.2% to $6.61 in Thursday's trading session.
Thursday's Range: $6.45-$6.66
52-Week Range: $5.27-$10.82
Thursday's Volume: 9.98 million
Three-Month Average Volume: 6.10 million
>>5 Rocket Stocks to Buy in August
From a technical perspective, GGB bounced sharply higher here right above some near-term support at $6.23 and above its 50-day moving average at $6.04 with monster upside volume. This stock has been uptrending strong for the last month and change, with shares pushing higher from its low of $5.27 to its intraday high of $6.66. During that uptrend, shares of GGB have been consistently making higher lows and higher highs, which is bullish technical price action. That move is now pushing shares of GGB within range of triggering a major breakout trade. That trade will hit if GGB manages to take out some near-term overhead resistance levels at $6.66 to $7.05 with high volume.
Traders should now look for long-biased trades in GGB as long as it's trending above some near-term support at $6.23 or above its 50-day at $6.04 and then once it sustains a move or close above those breakout levels with volume that hits near or above 6.10 million shares. If that breakout hits soon, then GGB will set up to re-test or possibly take out its next major overhead resistance levels at $7.88 to $8.28. Any high-volume move above those levels will then put its next major overhead resistance levels at $9 to $9.65 within range for shares of GGB.
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.
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