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FormFactor ( FORM) designs, develops, manufactures, sells and supports precision, semiconductor wafer probe card products and solutions. This stock is trading up 7.2% at $6.18 in recent trading.

Today's Range: $5.90-$6.38

52-Week Range: $4.68-$9.88

Volume: 591,000

Three-Month Average Volume: 495,678

Shares of FORM are moving sharply to the upside today after the company raised its second quarter revenue outlook, citing strong demand of Dynamic Random-Access Memory and Flash memory.

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From a technical perspective, FORM is gapping up sharply here back above its 200-day moving average of $5.93 on above average volume. This move is quickly pushing the stock within range of triggering a near-term breakout trade. That trade will hit once FORM clears $6.34 to $6.38 with high volume. That $6.38 area is today's intraday high.

Traders should now look for long-biased trades if FORM can manage to sustain a move or close above those levels with volume that's near or above 495,678 shares. If we get that action soon, then I expect to see FORM challenge its May high of $6.75 and potentially take that level out to the upside.

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