(MWV) provides packaging solutions to healthcare, beauty and personal care, food, beverage, home and garden, tobacco and agricultural industries worldwide. This stock closed up 4.8% at $37.38 in Wednesday's trading session.
Wednesday's Volume: 3.75 million
Three-Month Average Volume: 1.05 million
Volume % Change: 281%
>>4 Stocks Under $10 Making Big Moves
From a technical perspective, MWV gapped up sharply higher here and broke out above some near-term overhead resistance at $37.04 with strong upside volume. This move also pushed shares of MWV well above both its 50-day moving average of $35.31 and its 200-day moving average of $35.80. This move is starting to push shares of MWV within range of triggering a major breakout trade. That trade will hit if MWV manages to take out Wednesday's high of $37.85 to its 52-week high at $39.38 with high volume.
Traders should now look for long-biased trades in MWV as long as it's trending above Wednesday's low of $36.73 and then once it sustains a move or close above those breakout levels with volume that's near or above 1.05 million shares. If that breakout hits soon, then MWV will set up to enter new 52-week-high territory, which is bullish technical price action. Some possible upside targets off that breakout are $43 to $45.
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