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Novadaq Technologies (
NVDQ) develops, manufactures and markets real-time fluorescence imaging technology products that are designed for use by surgeons in the operating room and other clinical settings. This stock closed up 8% to $14.81 in Wednesday's trading session.
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From a technical perspective, NVDQ ripped higher here back above its 50-day moving average of $13.55 with heavy upside volume. This move pushed shares of NVDQ into breakout territory, since the stock took out some near-term overhead resistance levels at $14 to $14.41. Shares of NVDQ are now quickly moving within range of triggering another big breakout trade. That trade will hit if NVDQ manages to take out its all-time high at $15.07 with high volume.
Traders should now look for long-biased trades in NVDQ as long as it's trending above its 50-day at $13.55 or above more support at Wednesday's low of $13.11 and then once it sustains a move or close above its all-time high at $15.07 with volume that hits near or above 183,678 shares. If that breakout hits soon, then NVDQ will set up to enter new all-time-high territory, which is bullish technical price action. Some possible upside targets off that breakout are $18 to $20.