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>>5 Stocks With Big Insider Buying
From a technical perspective, IMOS soared higher here and broke out above some near-term overhead resistance at $16.36 with strong upside volume. This stock recently put in a double bottom chart pattern at $14.93 to $15.10. Following that bottom, shares of IMOS have spiked sharply higher and the stock is now approaching its 50-day moving average at $17.75. At last check, shares of IMOS hit an intraday high on Wednesday of $17.63 and volume was well above its three-month average action of 360,288 shares.
Traders should now look for long-biased trades in IMOS as long as it's trending above $16 and then once it sustains a move or close above Wednesday's high of $17.63 to its 50-day at $17.75 with volume that hits near or above 360,288 shares. If we get that move soon, then IMOS will set up to re-test or possibly take out its next major overhead resistance levels at $19.28 to its 52-week high at $20.69.
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