Stock Quotes in this Article: MA, MDCO, MIND, NOV, QCOM, SNPS, BCEI

WINDERMERE, Fla. (Stockpickr) --At Stockpickr, we track daily portfolios of stocks that are hitting new 52-week highs and 52-week lows.

When you see a stock that’s hitting new 52-week highs ,it often means that the uptrend is very strong and the buyers are in full control (and the opposite for stocks setting new 52-week lows). Momentum traders often look at the 52-week-high lists to find new trading ideas.

>>5 Stocks Under $10 Setting Up to Trade Higher

Keep in mind, though, that new highs can also mean that the stock is overbought or has run up too far too fast.

That’s why it’s important before you make an investing or trading decision to combine a number of technical indicators with fundamental trends, discipline and sound money management.

Let's take a closer look at several stocks that hit new 52-week highs on Wednesday.

Synopsys

Synopsys (SNPS) is engaged in providing technology solutions used to develop electronics and electronic systems. This stock closed up 0.79% to $30.63 after hitting a 52-week high of $30.76 earlier on Wednesday.

Wednesday's Range: $30.13-$30.76

52-Week Range: $21.37-$30.58

Volume: 1.1 million

Three-Month Average Volume: 890,200

Synopsys has a market cap of $4.42 billion and an enterprise value of $3.38 billion. The stock trades at a trailing price-to-earnings of 20.85 and a forward price-to-earnings of 14.19. Its estimated growth rate for this year is 10%, and for next year it’s pegged at 9.10%.

From a technical perspective, SNPS recently triggered a big breakout trade once the stock moved above some past overhead resistance from 2011 at $29.35 on decent volume.

Market players should continue to look for long-biased trades since SNPS has closed near its daily high Wednesday of $30.76 on decent volume. The next major level that SNPS can hit is $35, as long as we continue to see the stock trend above $29.35 with strong upside volume.

Qualcomm

Qualcomm (QCOM) designs, manufactures and markets digital wireless telecommunications products and services based on its code division multiple access technology and other technologies. This stock closed down 0.37% to $62.55 after hitting a 52-week high of $62.94 earlier in the day.

Wednesday's Range: $62.45-$62.94

52-Week Range: $45.98-$62.93

Volume: 7.8 million

Three-Month Average Volume: 12.9 million

Qualcomm has a market cap of $105.88 billion and an enterprise value of $95.58 billion. The stock trades at a trailing price-to-earnings of 23.94 and forward price-to-earnings of 15.13. Its estimated growth rate for this year is 17.2%, and for the next year it’s pegged at 10.4%.

From a technical perspective, QCOM recently broke out above some past overhead resistance at $57.75 to $59.12 on monster volume. Since that breakout, the stock has run up to its current price of $62.55 in a very short timeframe.

Traders should continue to look for long biased trades in QCOM as long as the stock can continue to trend above $59.12 with strong upside volume. Keep in mind though that QCOM’s relative strength index reading is now 75, which indicates an overbought reading.

Qualcomm shows up on a recent list of 3 Booming Tech Stocks to Own for 2012.

MasterCard

MasterCard (MA) is a global payments company that provides a economic link among financial institutions, businesses, merchants, cardholders and governments worldwide, enabling them to use electronic forms of payment instead of cash and checks. This stock is closed up 1.8% at $406.83 after hitting a 52-week high of $408.54 earlier in the day.

Wednesday's Range: $397.98-$408.54

52-Week Range: $240.36-$401.79

Volume: 1 million

Three-Month Average Volume: 1.05 million

MasterCard has a market cap of $51.5 billion and an enterprise value of $45.6 million. The stock trades at a trailing price-to-earnings of 27.46 and forward price-to-earnings of 15.84. Its estimated growth rate for this year is 17.4%, and for next year it’s pegged at 17.3%.

From a technical perspective, MA has been trading within a tight trading range for the past few trading sessions between $390 and $400. On Wednesday, the stock has spiked to the upside above $400 and it has now entered new all-time high territory.

Traders should continue to look for short-term long-biased traders in MA as long as the stock is trending above $400 and the upside volume is strong. Volume finished a bit below its average action of 1.05 million shares, so look for better upside volume in the next few days.

MasterCard shows up on a list of 20 Winning Stocks Set to Post New Highs in 2012.

National Oilwell Varco

National Oilwell Varco (NOV) is a provider of equipment and components used in oil and gas drilling and production operations, oilfield services and supply chain integration services to the upstream oil and gas industry. This stock closed up 3% at $87.18 after hitting a 52-week high of $87.72 earlier in the day.

Wednesday's Range: $84.30-$87.72

52-Week Range: $47.97-$86.71

Volume: 5.01 million

Three-Month Average Volume: 3.98 million

National-Oilwell Varco has a market cap of $39.89 million and an enterprise value of $32.83 million. The stock trades at a trailing price-to-earnings of 18.52 and a forward price-to-earnings of 12.65. Its estimated growth rate for this year is 24.5%, and for next year it’s pegged at 15.8%.

From a technical perspective, NOV triggered a major breakout trade Wednesday since the stock closed above some past overhead resistance at $86.41 on decent volume.

Market players should continue to look for long biased trades in NOV as long as this stock continues to trend above $86.41 with strong upside volume. The next significant overhead resistance level on NOV is at $88.41, so if that level gets taken out with volume, look for $100 soon in NOV.

National Oilwell Varco shows up on a recent list of 10 Stocks Rallying as Oil Prices Surge.

Bonanza Creek Energy

Bonanza Creek Energy (BCEI) is an oil and natural gas company engaged in the acquisition, exploration, development and production of onshore oil and associated liquids-rich natural gas in the U.S. This stock closed up 3.6% at $18.71 after hitting a 52-week high of $18.96 earlier in the day.

Wednesday's Range: $18.02-$18.96

52-Week Range: $12.39-$18.20

Volume: 445,000

Three-Month Average Volume: 441,929

Bonanza Creek Energy has a market cap of $738.5 million and an enterprise value of $846.4 million. The stock trades at a trailing price-to-earnings of 33.31 and a forward price-to-earnings of 11.27. Its estimated growth rate for next year is pegged at 165%.

From a technical perspective, BCEI has triggered a big breakout trade today since the stock closed above some near-term overhead resistance at $18.15 on decent volume. This move has pushed BCEI into all-time high territory since the stock just had its IPO back in December.

>>7 Undervalued IPO Stocks That Could Rebound

Traders should continue to look for long-biased trades as long as BCEI can continue to trend above $18.15 with strong volume.

Medicines

Medicines (MDCO) is a global pharmaceutical company focused on advancing the treatment of critical care patients through the delivery of medicines to the global hospital marketplace. This stock closed up 6.9% at $22.28 after hitting a 52-week high of $22.82 earlier in the day.

Wednesday's Range: $21.50-$22.82

52-Week Range: $12.33-$22.48

Volume: 1.46 million

Three-Month Average Volume: 582,141

Medicines has a market cap of $1.19 billion and an enterprise value of $807.87 million. The stock trades at a trailing price-to-earnings of 7.19 and a forward price-to-earnings of 18.81. Its estimated growth rate for this year is 78.1%, and for next year it’s pegged at -41.9%.

From a technical perspective, MDCO flirted with a major breakout trade today after the stock briefly traded above some near-term overhead resistance at $22.48 with monster volume.

Market players should continue to look for long biased trades in MDCO if this stock can manage to sustain a high-volume move and close over $22.48 to $22.82 in the near future. If we get that action, then MDCO has a good chance to hit $25 or higher in the short-term. Look for volume on a close over those levels that’s near or above 582,141 shares.

Medicines is one of George Soros' top holdings as of the most recently reported quarter.

Mitcham Industries

Mitcham Industries (MIND) provides full-service equipment leasing, sales and service to the seismic industry globally. This stock closed down 0.98% at $24.37 after hitting a 52-week high of $25.74 earlier in the day.

Wednesday's Range: $24.05-$25.74
52-Week Range: $9.52-$24.86

Volume: 465,000

Three-Month Average Volume: 237,426

Mitcham Industries has a market cap of $305.17 million and an enterprise value of $295.04 million. The stock trades at a trailing price-to-earnings of 17.55 and a forward price-to-earnings of 10.32. Its estimated growth rate for this year is 467.6%, and for next year it’s pegged at 23.30%.

From a technical perspective, MIND briefly triggered a big breakout trade Wednesday once the stock moved above some near-term overhead resistance at $24.86. That said, MIND reversed course and closed well off its daily highs of $25.74 on heavy volume.

Traders should stay away from long biased trades in MIND since for now this breakout has failed on a closing basis. I would only get interested in long trades if MIND can recapture that breakout level of $24.86 and also move above Wednesday's high of $25.74 with strong volume.

To see more stocks hitting new 52-week highs today, check out the Stocks Hitting New 52-Week Highs portfolio on Stockpickr.

-- Written by Roberto Pedone in Winderemere, Fla.

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At the time of publication, author had no positions in stocks mentioned.


Roberto Pedone, based out of Windermere, Fla., is an independent trader who focuses on stocks, options, futures, commodities and currencies. He is also an outside contributor to Beconequity.com and maintains the website Maddmoney.net, which he sold to Blue Wave Advisors in 2008. Roberto studied International Business at The Milwaukee School of Engineering, and he spent a year overseas studying business in Lubeck, Germany.