Some investors sniffed out the Neuberger Berman success before it even happened as trading in Sotheby’s stock anticipated successful Contemporary art sales over the weekend and today. Smartrend wants to see a confirmation in Monday’s slight increase in trading volume:
Shares of Sotheby’s (NYSE:BID) are trading up 3.3% to $36.22 today on above average volume. Approximately 1.1 million shares have traded hands today vs. average 30-day volume of 934,000 shares.
Spikes in volume can validate a breakout or signify a potential turning point.
Buyers Accumulating Shares of Sotheby’s on 1.1x Above-Average Volume (BID) (Smartrend)