This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration. Need a new registration confirmation email? Click here
INVN) designs, develops, markets and sells micro-electro-mechanical system gyroscopes for motion tracking devices in consumer electronics. This stock closed up 5.8% at $19.71 in Monday's trading session.
Monday's Volume: 4.74 million
Three-Month Average Volume: 2.81 million
Volume % Change: 70%
Shares of INVN jumped higher on Monday after Craig-Hallum said the company has three new design wins that include Google's Nexus 5, Amazon Kindle Fire HD and Samsung Galaxy Gear.
>>5 Stocks Under $10 Set to Soar
From a technical perspective, INVN ripped higher here right above its 50-day moving average at $17.51 with heavy upside volume. This move pushed shares of INVN into breakout and new 52-week-high territory, after the stock took out some near-term overhead resistance at $19.36. This stock has been uptrending strong for the last five months, with shares soaring higher from its low of $9.10 to its intraday high of $19.90. During that move, shares of INVN have been consistently making higher lows and higher highs, which is bullish technical price action.
Traders should now look for long-biased trades in INVN as long as it's trending above Monday's low of $18.44 or above its 50-day at $17.51 and then once it sustains a move or close above its new 52-week high at $19.90 with volume that hits near or above 2.81 million shares. If we get that move soon, then INVN will set up to enter new 52-week-high territory, which is bullish technical price action. Some possible upside targets off that move are its all-time high at $22.35 to $25.
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.