BroadSoft (BSFT - Get Report) provides software and services that enable mobile, fixed-line and cable service providers to deliver hosted or cloud-based unified communications and other voice and multimedia services over Internet protocol based networks. This stock closed up 6.7% at $29.96 in Wednesday's trading session.
Wednesday's Volume: 806,000
Three-Month Average Volume: 487,524
Volume % Change: 135%
From a technical perspective, BSFT spiked sharply higher here back above its 200-day moving average of $29.68 and above some near-term overhead resistance at $29.44 with above-average volume. This spike pushed shares of BSFT into breakout territory above as the stock started to trade into its previous gap-down-day zone from last November that started just above $33. Market players should now look for a continuation move higher into that gap if BSFT can manage to take out Wednesday's high of $30.20 with high volume.Traders should now look for long-biased trades in BSFT as long as it's trending above Wednesday's low of $28.05 or above $27 and then once it sustains a move or close above $30.20 with volume that's near or above 487,524 shares. If we get that move soon, then BSFT will set up to re-fill some more of its previous gap-down-day zone that started just above $33.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts