Montage Technology Group (MONT), through its subsidiaries, designs, develops and markets various analog and mixed-signal semiconductor solutions for the home entertainment and cloud computing markets. This stock closed up 2.2% at $21.36 in Wednesday's trading session.
Wednesday's Volume: 870,000
Three-Month Average Volume: 455,246
Volume % Change: 110%
From a technical perspective, MONT jumped higher here right above some near-term support levels at $20.50 to its 50-day moving average of $20.03 with above-average volume. This spike higher on Wednesday is starting to push shares of MONT within range of triggering a near-term breakout trade. That trade will hit if MONT manages to take out some key overhead resistance levels at $21.80 to $22.36 with high volume.
Traders should now look for long-biased trades in MONT as long as it's trending above its 50-day moving average at $20.03 or above more near-term support at $19.50 and then once it sustains a move or close above those breakout levels with volume that hits near or above 455,246 shares. If that breakout kicks off soon, then MONT will set up to re-test or possibly take out its next major overhead resistance levels at $23.50 to $24, or even $25.
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