Natural Gas Services Grp (NGS +$1.78 or +6.10% to $30.96) rose to a new high today with a considerable gain backed by very heavy volume, nearly two and a half times its average daily volume.  The oil and gas equipment firm was first featured on Wednesday, May 21, 2008 in the CANSLIM.net Mid Day Breakouts Report (read here) with the following note, "Y - A second consecutive gain on above average volume has it rallying to new 52-week highs today after a 4-week consolidation above its 50 DMA and prior chart highs in the $24 area. Multiple gains on above average volume in February helped it blast above its January highs, rising from a 6-week cup without a handle. High-ranked leader in the Oil & Gas - Machinery/Equip group (good L criteria) with a good annual and quarterly earnings growth history. Small supply of shares (the S criteria) could contribute to greater volatility. Good quarterly and annual earnings increases meet the C & A criteria, however sales revenues increases have been below the +25% guideline." 

NGS negatively reversed after its early gains on 5/21/08 prompted that day's appearance in yellow, and it closed that session under its pivot point, with the turnabout for a loss raising concerns. However, it stayed well above its 50 DMA and there was not great technical damage caused by its subsequent losses which came on lighter volume. Now that it has produced a solid gain above its pivot point the stock is clear of all resistance due to overhead suppy.  In a bullish market environment, it would be more tempting to take action; however the market needs to produce a follow-through day and convincing leadership must return before disciplined investors can have the right reassurances that odds are in their favor.