Office Depot

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Office Depot ( ODP) is a global supplier of office products and services. This stock is trading up 13% at $1.82 in recent trading.

Today's Range: $1.62-$1.86

52-Week Range: $1.51-$3.81

Volume: 25.8 million

Three-Month Average Volume: 3.95 million

Shares of ODP are skyrocketing today after the company reaffirmed their full-year guidance at the Goldman Sachs Annual Global Retailing Conference.

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From a technical perspective, ODP is exploding higher here with monster volume after the stock recently formed a double bottom at $1.52 to $1.51. This move has now pushed ODP above some near-term overhead resistance at $1.72, and above its 50-day moving average of $1.80.

Traders should now look for long-biased trades in ODP once it triggers its next major breakout trade. That breakout will hit once ODP takes out $1.82 to $1.86 with high volume. Look for a sustained move or close above those levels with volume that's near or above 3.95 million shares. If that breakout triggers soon, then ODP has a great chance of re-testing or possibly taking out its next major overhead resistance levels at $2.03 to its 200-day moving average of $2.46.

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