(LTC - Get Report) operates as a health care real estate investment trust in the U.S. This stock closed up 3% to $36.30 in Wednesday's trading session.
Wednesday's Volume: 605,000
Three-Month Average Volume: 160,662
Volume % Change: 304%
>>5 Stocks Set to Soar on Bullish Earnings
From a technical perspective, LTC spiked notably higher here with heavy upside volume. This stock recently formed a double bottom chart pattern at $34.72 to $34.77. Following that bottom, shares of LTC have now started to spike higher and move within range of triggering a near-term breakout trade. That trade will hit if LTC manages to take out its 50-day moving average of $36.88 to some more near-term overhead resistance at $37.72 with high volume.
Traders should now look for long-biased trades in LTC as long as it's trending above those double bottom support areas and then once it sustains a move or close above those breakout levels with volume that hits near or above 160,662 shares. If that breakout hits soon, then LTC will set up to re-test or possibly take out its next major overhead resistance levels at its 200-day moving average of $38.76 to $40.