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From a technical perspective, PBA ripped higher here right off its 50-day moving average of $31.20 with above-average volume. This move is quickly pushing shares of PBA within range of triggering a near-term breakout trade. That trade will hit if PBA manages to take out some near-term overhead resistance levels at $31.94 to $32.28 with high volume.
Traders should now look for long-biased trades in PBA as long as it's trending above its 50-day at $31.20 or above more near-term support at $30.50 and then once it sustains a move or close above those breakout levels with volume that's near or above 183,066 shares. If that breakout hits soon, then PBA will set up to re-test or possibly take out its next major overhead resistance levels at $33.51 to its 52-week high at $34.70. Any high-volume move above $34.70 will then give PBA a chance to trend well north of $35.
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.