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BDC) designs, manufactures and markets cable, connectivity and networking products in markets including industrial, enterprise, broadcast and consumer electronics. This stock closed up 1.4% at $59.39 in Thursday's trading session.
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From a technical perspective, BDC rose modestly higher here right above some near-term support at $57 with above-average volume. This stock recently formed a triple bottom chart pattern at $55.72, $55.64 and $56.07. After finding buying interest at those levels over the last month, shares of BDC have spiked higher and moved within range of triggering a major breakout trade. That trade will hit if BDC manages to take out its 52-week high at $59.95 with high volume.
Traders should now look for long-biased trades in BDC as long as it's trending above support at $57 or above its 50-day at $56.39 and then once it sustains a move or close above its 52-week high at $59.95 with volume that's near or above 215,781 shares. If that breakout hits soon, then BDC will set up to enter new 52-week-high territory, which is bullish technical price action. Some possible upside targets off that breakout $63 to $65.
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.