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BLOX) is an automated network controller. This stock closed up 2.7% at $39.72 in Wednesday's trading session.
Wednesday's Volume: 1.18 million
Three-Month Average Volume: 621,078
Volume % Change: 80%
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From a technical perspective, BLOX spiked higher here right off its 50-day moving average of $37.19 with above-average volume. This stock pulled back sharply over the last month, with shares falling from its high of $45.50 to its intraday low on Wednesday of $37.26. That decline has now stopped at BLOX's 50-day, which could mean the downside volatility for this stock is over in the short-term.
Traders should now look for long-biased trades in BLOX as long as it's trending above its 50-day at $37.19 and then once it sustains a move or close above Wednesday's high of $40.39 to more resistance at $42.93 with volume that's near or above 621,078 shares. If we get that move soon, then BLOX will set up to re-test or possibly take out its all-time high at $45.50. Any high-volume move above $45.50 will then give BLOX a chance to tag $50.
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