Belden (BDC - Get Report) designs, manufactures and markets signal transmission solutions for the broadcast, enterprise and industrial markets. This stock closed up 1.7% to $70.52 in Wednesday's trading session.
Wednesday's Volume: 593,000
Three-Month Average Volume: 210,695
Volume % Change: 159%
From a technical perspective, BDC spiked modestly higher here right above its 50-day moving average of $68.54 with above-average volume. This stock has been uptrending strong for the last four months and change, with shares moving higher from its low of $55.99 to its recent high of $72.07. During that uptrend, shares of BDC have been consistently making higher lows and higher highs, which is bullish technical price action. That move has now pushed shares of BDC within range of triggering a big breakout trade. That trade will hit if BDC manages to take out some near-term overhead resistance levels at $70.73 to its 52-week high at $72.07 with high volume.
Traders should now look for long-biased trades in BDC as long as it's trending above Wednesday's low of $69.47 or above its 50-day at $68.54 and then once it sustains a move or close above those breakout levels with volume that hits near or above 210,695 shares. If that breakout hits soon, then BDC will set up to enter new 52-week-high territory, which is bullish technical price action. Some possible upside targets off that breakout are $78 to $80.
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-- Written by Roberto Pedone in Delafield, Wis.