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IIVI) develops, refines, manufactures and markets high-technology materials and derivative precision components and products for precision use in industrial, military, telecommunications, photovoltaic, medical and aerospace applications. This stock closed up 1.9% at $18 in Wednesday's trading session.
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From a technical perspective, IIVI bounced modestly higher here right off its 200-day moving average of $17.59 with above-average volume. This stock has been downtrending for the last month, with shares falling from its high of $20.80 to its recent low of $17.61. During that downtrend, shares of IIVI have been mostly making lower highs and lower lows, which is bearish technical price action. That said, shares of IIVI could be ready to see an end to its recent downside volatility if support at its 200-day can hold.
Traders should now look for long-biased trades in IIVI as long as it's trending above its 200-day at $17.59 and then once it sustains a move or close above Wednesday's high of $18.14 with volume that's near or above 209,788 shares. If we get that move soon, then IIVI will set up to re-test or possibly take out its next major overhead resistance levels at its 50-day of $19.07 to $19.19. Any high-volume move above those levels will then give IIVI a chance to re-test or possibly take out its 52-week high at $20.80.
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.
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