Volume Spike Detected in Shares of Staples as They Move Higher on 1.2x Above-Average Volume (SPLS)

Published on Tue, 01/29/2013 - 14:17
By Adrienne Chilton in Unusual volume, SPLS, nasdaq:spls, staples, unusual volume

Staples shares are trading on heavy volume today, having risen 0.8% to $13.48. Today's volume of 12.9 million shares tops the average 30-day volume of 10.7 million shares. Unusually high volume can signify a potential turning point or validate a breakout.

In the past 52 weeks, Staples share prices have been bracketed by a low of $10.57 and a high of $16.93 and are now at $13.48, 28% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.3% while the 50-day MA has advanced 1.0%.

Staples, Inc. retails office supplies, furniture, and technology. The Company's customers include consumers and businesses in the United States, Canada, the United Kingdom, and Germany. Staples serves its customers through office superstores, mail order catalogs, the Internet, and a contract business.

Based on a current price of $13.48, Staples is currently 3.3% above its average consensus analyst price target of $13.04. The stock should find initial support at its 200-day moving average (MA) of $12.50 and further support at its 50-day MA of $11.90.

By Adrienne Chilton
achilton@fnno.com

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