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.