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PetSmart ( PETM) is a specialty provider of products, services and solutions for the lifetime needs of pets. This stock is trading up 2.4% at $70.06 in recent trading.

Today's Volume: 1.2 million

Average Volume: 1.21 million

Volume % Change: 61%

>>3 Hot Stocks to Trade (or Not)

From a technical perspective, PETM is ripping here back above its 50-day moving average of $69.15 with decent volume. This move is quickly pushing PETM within range of triggering a major breakout trade. That trade will hit once PETM manages to take out some near-term overhead resistance at $72.75 with high volume.

Traders should now look for long-biased trades in PETM as long as it's trending above its 50-day at $69.15, and then once it sustains a move or close above $72.75 with volume that's near or above 1.21 million shares. If that breakout triggers soon, then PETM will push into new 52-week high territory, which is bullish technical price action. Traders can target a run above $75 if PETM breaks out soon with volume.

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