FAB Universal
FAB Universal (FU) engages in the distribution of digital entertainment products and services worldwide. This stock closed up 5.6% to $4.27 on Thursday.
Thursday's Range: $3.97-$4.44
52-Week Range: $1.90-$5.70
Volume: 395,000
Three-Month Average Volume: 59,784
From a technical perspective, FU ripped higher here and broke out above some near-term overhead resistance at $4.10 with heavy upside volume. Shares of FU also flirted with an even bigger breakout above some near-term overhead resistance at $4.39. At last check, FU hit an intraday high of $4.44 and volume was well above its three-month average action of 59,784 shares. The price action and volume patterns for FU here could be signaling that a large move higher is on the horizon.
Traders should now look for long-biased trades in FU as long as it’s trending above that first breakout level at $4.10, and then once it sustains a move or close above $4.39 to $4.44 with volume that hits near or above 59,784 shares. If that breakout triggers soon, then FU will set up to re-test or possibly take out its next major overhead resistance levels at $5.10 to its 52-week high at $5.70.