Atran (ADTN - Get Report) designs, manufactures, markets, services and supports communications network solutions that enable voice, data, video and Internet communications across various network infrastructures in the U.S. and internationally. This stock closed up 4.4% at $27.24 in Wednesday's trading session.
Wednesday's Volume: 2.22 million
Three-Month Average Volume: 536,274
Volume % Change: 313%
From a technical perspective ADTN ripped higher here back above its 50-day moving average of $25.57 with strong upside volume. This move briefly pushed shares of ADTN into breakout and new 52-week-high territory, after the stock flirted with some near-term overhead resistance levels at $27.27 to $27.82. Shares of ADTN closed just below both of those levels at $27.24. Market players should now look for a continuation move higher in the short-term if ADTN can manage to take out Wednesday's high of $27.98 with strong volume.
Traders should now look for long-biased trades in ADTN as long as it's trending above its 50-day at $25.57 and then once it sustains a move or close above $27.98 with volume that's near or above 536,274 shares. If we get that move soon, then ADTN will set up to enter new 52-week-high territory, which is bullish technical price action. Some possible upside targets off that move are its next major overhead resistance levels at $30.24 to $30.72, or even $32.