Friday's Volume: 5.79 million
Three-Month Average Volume: 294,603
Volume % Change: 2694%
From a technical perspective, CSTM spiked sharply higher here back above its 50-day moving average of $18.81 with monster upside volume. This move is quickly pushing shares of CSTM within range of triggering a major breakout trade. That trade will hit if CSTM manages to take out some near-term overhead resistance levels at $19.51 to $19.68, and then once it takes out more resistance at $20.53 to its all-time high at $20.67 with high volume.
Traders should now look for long-biased trades in CSTM as long as it's trending above Friday's low of $17.50 and then once it sustains a move or close above those breakout levels with volume that hits near or above 294,603 shares. If we get that move soon, then CSTM will set up to enter new all-time-high territory, which is bullish technical price action. Some possible upside targets off that breakout are $25 to $27.
Penn National GamingPenn National Gaming ( PENN) is a diversified, multi-jurisdictional owner and manager of gaming and pari-mutuel properties. This stock closed up 6.5% at $13.68 in Friday's trading session. Friday's Volume: 4.24 million
Three-Month Average Volume: 3.77 million
Volume % Change: 260% From a technical perspective, PENN jumped higher here right off its 50-day moving average of $12.77 with heavy upside volume. This stock has been uptrending strong for the last three months, with shares soaring higher from its low of $11 to its recent high of $13.88. During that uptrend, shares of PENN have been consistently making higher lows and higher highs, which is bullish technical price action. That move has now pushed shares of PENN within range of triggering a near-term breakout trade. That trade will hit if PENN manages to take out Friday's high of $13.74 to its 52-week high at $13.88 with high volume. Traders should now look for long-biased trades in PENN as long as it's trending above its 50-day at $12.77 or its 200-day at $12.28 and then once it sustains a move or close above those breakout levels with volume that's near or above 3.77 million shares. If that breakout hits soon, then PENN will set up to enter new 52-week-high territory, which is bullish technical price action. Some possible upside targets off that breakout are $18 to $20.
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