ChannelAdvisor ( ECOM) is a provider of software-as-a-service solutions that enables retailers and manufacturers to integrate, manage and optimize their merchandise sales across hundreds of online channels. This stock closed up 13.1% at $39.16 in Wednesday's trading session.
Wednesday's Volume: 3.31 million
Three-Month Average Volume: 221,172
Volume % Change: 1698%
From a technical perspective, ECOM skyrocketed higher here right off its 50-day moving average of $35.19 with monster upside volume. This move is quickly pushing shares of ECOM within range of triggering a major breakout trade. That trade will hit if ECOM manages to take out some near-term overhead resistance at $40.91 to its all-time high at $41.25 with high volume.Traders should now look for long-biased trades in ECOM as long as it's trending above $37.50 or above its 50-day at $35.19 and then once it sustains a move or close above those breakout levels with volume that's near or above 221,172 shares. If we get that move soon, then ECOM will set up to enter new all-time-high territory, which is bullish technical price action. Some possible upside targets off that breakout are $45 to $50, or even $55. 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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