Monro Muffler Brake
Wednesday's Volume: 697,000
Three-Month Average Volume: 232,210
Volume % Change: 210%
From a technical perspective, MNRO spiked modestly higher here right above its 50-day moving average of $53.54 with above-average volume. This stock has been uptrending strong for the last four months, with shares moving higher from its low of $41.26 to its recent high of $58. During that uptrend, shares of MNRO have been consistently making higher lows and higher highs, which is bullish technical price action. That move has now pushed shares of MNRO within range of triggering a major breakout trade. That trade will hit if MNRO manages to take out some near-term overhead resistance levels at $56.74 to $57.93 and then once it takes out its 52-week high at $58 with high volume.Traders should now look for long-biased trades in MNRO as long as it's trending above its 50-day at $53.54 and then once it sustains a move or close above those breakout levels with volume that's near or above 232,210 shares. If that breakout hits soon, then MNRO will set up to enter new 52-week-high territory, which is bullish technical price action. Some possible upside targets off that breakout are $65 to $67.
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