A beneficial owner just bought 40,000 shares, or about $2.26 million worth of stock, at $56.60 per share.

From a technical perspective, SPB is currently trending above both its 50-day and 200-day moving averages, which is bullish. This stock has been uptrending strong for the last four months, with shares soaring higher from its low of $42 to its recent high of $58.28 a share. During that uptrend, shares of SPB have been mostly making higher lows and higher highs, which is bullish technical price action. That move has now pushed shares of SPB within range of triggering a near-term breakout trade.

If you're bullish on SPB, then look for long-biased trades as long as it's trending above some key near-term support at $56.34 or above its 50-day at $54.49, and then once it triggers a break out above some near-term overhead resistance at $58.28 a share with high volume. Look for a sustained move or close above that level with volume that hits near or above its three-month average action of 224,897 shares. If that breakout triggers soon, then SPB will set up to enter new 52-week high territory, which is bullish technical price action. Some possible upside targets off that breakout are $63 to $65 a share.

To see more stocks with notable insider buying, check out the Stocks With Big Insider Buying portfolio on Stockpickr.

-- Written by Roberto Pedone in Winderemere, Fla.

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At the time of publication, author had no positions in stocks mentioned.

Roberto Pedone, based out of Windermere, Fla., is an independent trader who focuses on technical analysis for small- and large-cap stocks, options, futures, commodities and currencies. Roberto studied international business at the Milwaukee School of Engineering, and he spent a year overseas studying business in Lubeck, Germany. His work has appeared on financial outlets including CNBC.com and Forbes.com. You can follow Pedone on Twitter at www.twitter.com/zerosum24 or @zerosum24.

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