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MarketAxess ( MKTX) operates an electronic trading platform for corporate bonds and certain other types of fixed-income instruments. This stock is trading up 1.2% at $40.78 in recent trading.

Today's Volume: 642,000

Average Volume: 217,832

Volume % Change: 314%

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From a technical perspective, MKTX is moving modestly higher here with above-average volume. This stock has been uptrending strong for the last three months, with shares soaring higher from its low of $27.80 to its recent high of $42.61. During that move, shares of MKTX have been consistently making higher lows and higher highs, which is bullish technical price action. That move is quickly pushing shares of MKTX within range of triggering a near-term breakout trade. That trade will hit if MKTX takes out some near-term overhead resistance levels at $41.76 to $42.61 with high volume.

Traders should now look for long-biased trades in MKTX as long as it's trending above $40, and then once it sustains a move or close above those breakout levels with volume that hits near or above 217,832 shares. If that breakout triggers soon, then MKTX will set up to enter new 52-week high territory above $42.76, which is bullish technical price action. Some possible upside targets off that move are $45 to $47.

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