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Gap ( GPS) is an international specialty retailer operating retail and outlet stores. The company sells casual apparel, accessories and personal care products for men, women, and children. This stock is trading up 7.5% at $33.74 in recent trading.

Today's Volume: 11.1 million

Average Volume: 5.84 million

Volume % Change: 197%

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From a technical perspective, GPS is soaring higher here back above both its 200-day at $31.76 and its 50-day at $32.02 with monster upside volume. This move is quickly pushing shares of GPS within range of triggering a near-term breakout trade. That trade will hit if GPS manages to take out some near-term overhead resistance levels at $33.88 to $34.50 with high volume.

Traders should now look for long-biased trades in GPS as long as it's trending above $33 and then once it sustains a move or close above those breakout levels with volume that hits near or above 5.84 million shares. If that breakout triggers soon, then GPS will set up to re-test or possibly take out its next major overhead resistance levels at $35.69 to $37.

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