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>>5 Big Stocks to Trade for Gains
From a technical perspective, ESI soared higher here right above its 50-day moving average of $25.78 with above-average volume. This stock recently formed a double bottom chart pattern at $26.21 to $26.01. Following that bottom, shares of ESI have rebounded sharply higher and into breakout territory above $29.35. At last check, ESI closed strong at its intraday high of $30 with volume that was slightly above its three-month average action of 695,885 shares.
Traders should now look for long-biased trades in ESI as long as it's trending above Monday's low of $27.27 and then once it sustains a move or close above Monday's high of $30 with volume that's near or above 695,885 shares. If we get that move soon, then ESI will set up to re-test or possibly take out its next major overhead resistance levels at $32 to $35. Any high-volume move above those levels will then put $40 into range for shares of ESI.
To see more stocks rising on unusual volume, check out the
Stocks Rising on Unusual Volume portfolio on Stockpickr.
-- Written by Roberto Pedone in Delafield, Wis.