Cabela's a Top Gainer

Cabela's (CAB) is a top-five gainer on the NYSE today. The sporting-goods retailer is up more than 14% on very heavy trade following this morning's pre-open earnings report. CAB's strong results sparked a powerful gap-higher open that lifted the stock 7%. Shares continued to climb in the early trade easily taking out heavy resistance near the $62 area. At midday, the stock is stabilizing near $65 on triple its average daily volume.

Cabela's (CAB) Source: TradeStation View Chart » View in New Window »

The breakout action today leaves behind a significant bottom just below $55. Six weeks ago, CAB exploded to the upside on heavy trade after the company made positive comments about business acceleration. The March 12 ramp, which ended with a 12.5% ramp, left behind an upside gap at $54.80. After weeks of tight, sideways trade while volume slowed to a trickle, CAB was in need of a pullback. Resistance near $62 proved too heavy and, coupled with a highly overbought condition, CAB was headed for a pullback. Last week the stock filled the March 12 gap and, despite falling below its supportive 50-day moving average on heavy volume, support below $55 held....83 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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