Arrow Electronics (ARW) provides products, services, and solutions to industrial and commercial users of electronic components and enterprise computing solutions worldwide. This stock closed up 1.6% at $53.29 in Monday's trading session.
Monday's Volume: 1.11 million
Three-Month Average Volume: 610,366
Volume % Change: 116%
From a technical perspective, ARW jumped modestly higher here right off its 50-day moving average of $52.26 with above-average volume. This stock has been uptrending over the last few weeks, with shares moving higher from its low of $47.75 to its intraday high of $53.44. During that uptrend, shares of ARW have been consistently making higher lows and higher highs, which is bullish technical price action. This spike high on Monday is now starting to push shares of ARW within range of triggering a major breakout trade. That trade will hit if ARW manages to take out Monday's high of $53.44 to its 52-week high at $54.77 with high volume.Traders should now look for long-biased trades in ARW as long as it's trending above its 50-day at $52.26 or above $51 and then once it sustains a move or close above those breakout levels with volume that's near or above 610,366 shares. If that breakout hits soon, then ARW will set up to enter new 52-week-high territory, which is bullish technical price action. Some possible upside targets off that breakout are $60 to $65. To see more stocks rising on unusual volume, check out the Stocks Rising on Unusual Volume portfolio on Stockpickr. -- Written by Roberto Pedone in Delafield, Wis.
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