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SPA) is a provider of complex and sophisticated electromechanical devices with capabilities that include concept development, industrial design, design and manufacturing engineering, production, distribution and field service. This stock closed up 4.9% at $26.54 in Monday's trading session.
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From a technical perspective, SPA trended sharply higher here right above some near-term support at $25 with above-average volume. This move briefly pushed SPA into breakout and new 52-week-high territory, after the stock flirted with some near-term overhead resistance at $26.44. Shares of SPA closed just below that resistance level at $26.54 with volume that was well above its three-month average action of 53,426 shares.
Traders should now look for long-biased trades in SPA as long as it's trending above support at $25 and then once it sustains a move or close above Monday's intraday high of $26.65 with volume that's near or above 53,426 shares. If we get that move soon, then SPA will set up to enter new 52-week-high territory, which is bullish technical price action. Some possible upside targets off that move are $30 to $33.
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