A. Schulman (SHLM)
Mondays Volume: 264,000
Three-Month Average Volume: 104,172
Volume % Change: 110%
From a technical perspective, SHLM spiked modestly higher here right above its 50-day moving average of $33.33 with above-average volume. This move briefly pushed shares of SHLM into breakout and new 52-week high territory, since the stock flirted with some key overhead resistance levels at $34.64 to $34.83. Shares of SHLM managed to close below its intraday high of $34.99 and below those breakout levels with the stock finishing the day at $34.57. Market players should now look for a continuation move higher in the short-term if SHLM manages to take out Monday's intraday high of $34.99 with high volume.Traders should now look for long-biased trades in SHLM as long as its trending above its 50-day at $33.33 or above more near-term support at $32.54 and then once it sustains a move or close above $34.99 with volume thats near or above 104,172 shares. If we get that move soon, then SHLM will set up to enter new 52-week-high territory, which is bullish technical price action. Some possible upside targets off that move are $40 to $43.
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