Gentex

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Gentex ( GNTX) designs, develops, manufactures and markets proprietary electro-optic products, including automatic-dimming rearview mirrors for the automotive industry and fire protection products mainly for the commercial building industry. This stock closed up 3.3% to $24.93 in Friday's trading session.

Friday's Volume: 2.93 million
Three-Month Average Volume: 914,017
Volume % Change: 202%

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From a technical perspective, GNTX ripped higher here and broke out above some near-term overhead resistance at $24.68 with heavy upside volume. This stock recently formed a double bottom chart pattern $22.34 to $22.33, and following that bottom, shares of GNTX have trended back above its 50-day moving average at $23.18. Shares of GNTX are now quickly moving within range of triggering another breakout trade. That trade will hit if GNTX manages to clear some near-term overhead resistance at $25.25 and then once it takes out its 52-week high at $25.40 with high volume.

Traders should now look for long-biased trades in GNTX as long as it's trending above Friday's low of $23.86 or above some more near-term support at $23.50 and then once it sustains a move or close above those breakout levels with volume that hits near or above 914,017 shares. If that breakout hits soon, then GNTX will set up to enter new 52-week-high territory, which is bullish technical price action. Some possible upside targets off that breakout are $27.50 to $30.

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