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EZchip Semiconductor (
EZCH) is engaged in the development and marketing of solutions and Internet applications to improve the connectivity and performance of corporate LAN and WAN. This stock closed up 3.4% to $29.14 in Friday's trading session.
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From a technical perspective, EZCH bounced higher here right above some near-term support at $28.04 and back above both its 200-day at $28.73 and its 50-day at $29.01 with above-average volume. This stock recently formed a double bottom chart pattern at $27.77 to $28.04, after pulling back from its August high of $32.79. Shares of EZCH are now quickly moving within range of triggering a near-term breakout trade. That trade will hit if EZCH manages to take out some near-term overhead resistance at $29.55 with high volume.
Traders should now look for long-biased trades in EZCH as long as it's trending above those double bottom levels at $28.04 to $27.77and then once it sustains a move or close above $29.55 with volume that hits near or above 154,722 shares. If that breakout hits soon, then EZCH will set up to re-test or possibly take out its next major overhead resistance levels at $32 to $32.79. Any high-volume move above $32.79 will then give EZCH a chance to tag its next major overhead resistance level at $35.49.