Home Inns & Hotels Management
Mondays Volume: 639,000
Three-Month Average Volume: 295,502
Volume % Change: 120%
From a technical perspective, HMIN spiked notably higher here right above some near-term support at $40 with above-average volume. This stock has uptrending strong for the last five months, with shares moving higher from its low of $24.90 to its recent high of $43.29. During that uptrend, shares of HMIN have been consistently making higher lows and higher highs, which is bullish technical price action. That move has now pushed shares of HMIN within range of triggering a major breakout trade. That trade will hit if HMIN manages to take out Monday's high of $43 to its 52-week high at $43.29 with high volume.
Traders should now look for long-biased trades in HMIN as long as its trending above some near-term support at $40 or above its 50-day at $38.50, and then once it sustains a move or close above those breakout levels with volume that hits near or above 295,502 shares. If that breakout hits soon, then HMIN will set up to enter new 52-week-high territory, which is bullish technical price action. Some possible upside targets off that breakout are $47 to $50.