Ambarella

Ambarella ( AMBA) is a developer of semiconductor processing solutions for video that enable high-definition video capture, sharing and display. This stock closed up 8.4% to $19.11 in Wednesday's trading session.

Wednesday's Volume: 2.94 million
Three-Month Average Volume: 1.04 million
Volume % Change: 164%

>>5 Stocks Ready to Break Out

From a technical perspective, AMBA ripped sharply higher here right above its 50-day moving average at $16.81 with strong upside volume. This move pushed shares of AMBA into breakout territory, since the stock took out some near-term overhead resistance at $18.35 and flirted with more resistance at $19.44. That move briefly pushed shares of AMBA into new all-time high territory, which is bullish technical price action.

Traders should now look for long-biased trades in AMBA as long as it's trending above that first breakout level of $18.35 or above more support at $17.50 and then once it sustains a move or close above its new all-time high at $19.50 with volume that hits near or above 1.04 million shares. If that breakout hits soon, then AMBA will set up to enter new all-time high territory, which is bullish technical price action. Some possible upside targets off that breakout are $25 to $27.

Solazyme

Solazyme ( SZYM) produces and sells renewable oil for chemicals and fuels, nutrition, and skin and personal care markets. This stock closed up 7.3% at $11.51 in Wednesday's trading session.

Wednesday's Volume: 1.88 million
Three-Month Average Volume: 641,772
Volume % Change: 195%

From a technical perspective, SZYM gapped sharply higher here back above its 50-day moving average of $11.40 with strong upside volume. This move also pushed shares of SZYM into breakout territory, since the stock took out some near-term overhead resistance at $10.93. Shares of SZYM are now starting to trend within range of triggering another breakout trade. That trade will hit if SZYM manages to take out Wednesday's high of $11.80 and then once it clears more resistance at $12.08 to its 52-week high at $13.09 with high volume.

Traders should now look for long-biased trades in SZYM as long as it's trending above Wednesday's low of $11.19 or above $11 and then once it sustains a move or close above those breakout levels with volume that this near or above 641,772 shares. If that breakout hits soon, then SZYM will set up to enter new 52-week-high territory, which is bullish technical price action. Some possible upside targets off that breakout are $15 to $16.

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