Red Robin Gourmet Burgers
Red Robin Gourmet Burgers (RRGB), together with its subsidiaries, develops, operates, and franchises casual-dining restaurants in the U.S. and Canada. This stock closed up 13% at $75.26 in Monday's trading session.
Monday's Volume: 694,942
Three-Month Average Volume: 164,539
Volume % Change: 303%
From a technical perspective, RRGB gapped up sharply higher here back above its 50-day moving average of $70.29 with above-average volume. This move also pushed shares of RRGB into breakout territory, since the stock took out some near-term overhead resistance at $72.23. Share of RRGB are now starting to trend within range of triggering another big breakout trade. That trade will hit if RRGB manages to take out Monday's high of $75.59 to some more near-term overhead resistance at $77.09 with high volume.
Traders should now look for long-biased trades in RRGB as long as it's trending above Monday's low of $69 and then once it sustains a move or close above those breakout levels with volume that this near or above 164,539 shares. If that breakout hits soon, then RRGB will set up to re-test or possibly take out its next major overhead resistance levels t $81.17 to its 52-week high at $86.83.