Stock Quotes in this Article: AGN, CSIQ, NYX

MADISON, Wis. (Stockpickr) -- Professional traders running mutual funds and hedge funds don't just look at a stock's price moves; they also track big changes in volume activity. Often when above-average volume moves into an equity, it precedes a large spike in volatility.

Major moves in volume can signal unusual activity, such as insider buying or selling -- or buying or selling by "superinvestors."

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Unusual volume can also be a major signal that hedge funds and momentum traders are piling into a stock ahead of a catalyst. These types of traders like to get in well before a large spike, so it's always a smart move to monitor unusual volume. That said, remember to combine trend and price action with unusual volume. Put them all together to help you decipher the next big trend for any stock.

With that in mind, let's take a look at several stocks rising on unusual volume today.

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Canadian Solar

Canadian Solar (CSIQ) designs, develops, manufactures and sells solar cell and solar module products that convert sunlight into electricity. This stock closed up 13.1% at $10.10 on Wednesday.

Wednesday's Volume: 6.99 million

Average Volume: 2.04 million

Volume % Change: 184%

Shares of CSIQ ripped higher on Wednesday after the company announced a new deal with Samsung Renewable Energy to open a new manufacturing facility in London, Ontario.

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From a technical perspective, CSIQ soared higher right above some near-term support at $8.30 with heavy upside volume. This stock has been trending sideways for the last month, with shares moving between $8.30 on the downside and $10.65 on the upside. Shares of CSIQ are now quickly moving within range of triggering a near-term breakout trade above the upper end of its sideways chart pattern. That breakout will hit if CSIQ manages to take out some near-term overhead resistance levels at $10.56 to its 52-week high at $10.65 with high volume.

Traders should now look for long-biased trades in CSIQ as long as it's trending above $9 and then once it sustains a move or close above those breakout levels with volume that hits near or above 2.04 million shares. If that breakout triggers soon, then CSIQ will set up to enter new 52-week high territory, which is bullish technical price action. Some possible upside targets off that breakout are $12 to $13. Any high-volume move above those levels will then put its next significant overhead resistance levels at $14 to $16 into range for shares of CSIQ.

NYSE Euronext

NYSE Euronext (NYX) is a global operator of financial markets and provider of trading solutions. This stock closed up 1.8% at $41.66 on Wednesday.

Wednesday's Volume: 3.91 million

Average Volume: 1.65 million

Volume % Change: 128%

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From a technical perspective, NYX trended higher here right above its 50-day moving average of $39.77 with heavy upside volume. This stock has been uptrending strong for the last three months, with shares moving higher from its low of $36.27 to its recent high of $42.42. During that move, shares of NYX have been mostly making higher lows and higher highs, which is bullish technical price action. That move has now pushed shares of NYX within range of triggering a near-term breakout trade. That trade will hit if NYX manages to take out its 52-week high at $42.42 with high volume.

Traders should now look for long-biased trades in NYX as long as it's trending above its 50-day at $39.77 and then once it sustains a move or close above its 52-week high of $42.42 with volume that this near or above 1.65 million shares. If that breakout triggers soon, then NYX will set up to enter new 52-week-high territory, which is bullish technical price action. Some possible upside targets off that breakout are $45 to $50.

Allergan

Allergan (AGN) is a multi-specialty health care company develops and commercializes innovative pharmaceuticals, biologics and medical devices. This stock closed up 1.8% to $86.81 on Wednesday.

Wednesday's Volume: 5.14 million

Average Volume: 2.56 million

Volume % Change: 132%

Shares of AGN trended slightly higher today despite the fact that Wells Fargo downgraded the stock to market perform from outperform.

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From a technical perspective, AGN bounced modestly higher here right off of $85 with above-average volume. This stock has been downtrending badly for the last few weeks, with shares plunging lower from its high of $102.94 to its recent low of $81.33. During that downtrend, shares of AGN have been consistently making lower highs and lower lows, which is bearish technical price action. That move also pushed shares of AGN into oversold territory, since its relative strength index reading dipped well below 30. Oversold can always get move oversold, but shares of AGN have started to rebound and move within range of triggering a near-term breakout trade. That trade will hit if AGN manages to take out its recent gap down day high of $88.24 with high volume.

Traders should now look for long-biased trades in AGN as long as it's trending above $85 and then once it sustains a move or close above its gap down day high of $88.24 with volume that hits near or above 2.56 million shares. If that breakout triggers soon, then AGN will set up to re-fill some of its previous gap down zone that started near $95. Any high-volume move above $95 will then give AGN a chance to re-test or possibly take out its 200-day moving average at $99.99.

To see more stocks rising on unusual volume, check out the Stocks Rising on Unusual Volume portfolio on Stockpickr.

-- Written by Roberto Pedone in Madison, Wis.

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

Roberto Pedone, based out of Madison, Wis., is an independent trader who focuses on technical analysis for small- and large-cap stocks, options, futures, commodities and currencies. Roberto studied international business at the Milwaukee School of Engineering, and he spent a year overseas studying business in Lubeck, Germany. His work has appeared on financial outlets including CNBC.com and Forbes.com. You can follow Pedone on Twitter at www.twitter.com/zerosum24 or @zerosum24.