China Unicom (CHU - Get Report) provides cellular and fixed-line voice and related value-added services, broadband and other Internet-related services, ICT services, and business and data communications services in the PRC. This stock closed up 3.7% at $15.39 in Mondays trading session.
Mondays Volume: 1.59 million
Three-Month Average Volume: 510,256
Volume % Change: 204%
From a technical perspective, CHU spiked higher here right above its 200-day moving average of $14.66 with strong upside volume. This move is quickly pushing shares of CHU within range of triggering a near-term breakout trade. That trade will hit if CHU manages to take out Monday's intraday high of $15.62 to some more near-term overhead resistance levels at $15.94 to $16.08 with high volume.
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Traders should now look for long-biased trades in CHU as long as its trending above its 200-day at $14.66 and then once it sustains a move or close above those breakout levels with volume that hits near or above 510,256 shares. If that breakout hits soon, then CHU will set up to re-test or possibly take out its next major overhead resistance levels at $16.86 to $17.48. Any high-volume move above those levels will then give CHU a chance to tag $19 to $20.