This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration. Need a new registration confirmation email? Click here
>>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.
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.