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Abaxis ( ABAX) develops, manufactures, markets and sells blood analysis systems for use in the human or veterinary patient-care setting to provide clinicians with rapid blood constituent measurements. This stock is trading up 9.8% at $29.24 in recent trading.

Today's Volume: 189,000

Average Volume: 92,214

Volume % Change: 379%

>>Health Care Stocks Bought and Sold by Hedge Funds

From a technical perspective, ABAX is soaring today back above its 50-day moving average of $27.56 on above average volume. This move is quickly pushing the stock within range of triggering a major breakout trade. That trade will hit once ABAX takes out some past overhead resistance at $30.50 to $31.69 with high volume.

Traders should now look for long-biased trades as long as ABAX is trending above some near-term overhead resistance at $30 with volume that's near or well above 92,214 shares. I would get more bullish on ABAX once $31.69 is taken out with high volume.

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