Spartan Stores (SPTN) is a regional grocery distributor and grocery retailer, operating in Michigan and Indian. This stock closed up 1% at $24.08 in Mondays trading session.
Mondays Volume: 293,000
Three-Month Average Volume: 133,561
Volume % Change: 125%
From a technical perspective, SPTN trended modestly higher here and broke out above some near-term overhead resistance at $23.79 with above-average volume. This move is quickly pushing shares of SPTN within range of triggering a big breakout trade. That trade will hit if SPTN manages to take out some key overhead resistance levels at $24.40 to its 52-week high at $24.78 with high volume.
Traders should now look for long-biased trades in SPTN as long as its trending above its 50-day at $23.29 or above more near-term support at $22 and then once it sustains a move or close above those breakout levels with volume thats near or above 133,561 shares. If that breakout hits soon, then SPTN will set up to enter new 52-week-high territory, which is bullish technical price action. Some possible upside targets off that breakout are $30 to $33.
To see more stocks rising on unusual volume, check out the Stocks Rising on Unusual Volume portfolio on Stockpickr.
-- Written by Roberto Pedone in Delafield, Wis.