Bitauto (BITA) provides Internet content and marketing services for the automotive industry primarily in the People's Republic of China. This stock closed up 5.4% at $50.67 in Friday's trading session.
Friday's Volume: 1.59 million
Three-Month Average Volume: 952,700
Volume % Change: 66%
From a technical perspective, BITA ripped higher here and broke out above some near-term overhead resistance at $49.67 with above-average volume. This sharp spike higher on Friday pushed shares of BITA into new 52-week-high territory, which is bullish technical price action. Market players should now look for a continuation move to the upside in the short-term if BITA manages to clear Friday's intraday high of $51.25 with high volume.Traders should now look for long-biased trades in BITA as long as it's trending above Friday's intraday low of $48 and then once it sustains a move or close above $51.25 with volume that's near or above 952,700 shares. If that move starts soon, then BITA will set up to enter new 52-week-high territory, which is bullish technical price action. Some possible upside targets off that move are $55 to $60.
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