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3 Stocks Rising on Unusual Volume - views
Stocks that are making large moves like these are favorites among short-term traders because they can jump into these names and try to capture some of that massive volatility. Stocks that are making big-percentage moves either up or down are usually in play because their sector is becoming attractive or they have a major fundamental catalyst such as a recent earnings release. Sometimes stocks making big moves have been hit with an analyst upgrade or an analyst downgrade.
Regardless of the reason behind it, when a stock makes a large-percentage move, it is often just the start of a new major trend -- a trend that can lead to huge profits. If you time your trade correctly, combining technical indicators with fundamental trends, discipline and sound money management, you will be well on your way to investment success.
With that in mind, let's take a closer look at a several stocks under $10 that are making large moves to the upside today.
This is a pharmaceutical company, engaged in the commercializing and developing products for the treatment of central nervous system disorders and pain. This stock is trading up 6.4% to $1.32 in recent trading.
Today's Range: $1.23-$1.36
52-Week Range: $1.11-$3.30
Volume: 2.93 million
Three-Month Average Volume: 1.34 million
From a technical perspective, ZGNX is ripping higher here right above some near-term support at $1.16 with monster upside volume. This stock recently gapped down from $2.36 to $1.11 with big downside volume. That move has pushed ZGNX into oversold territory, since its current relative strength index (RSI) reading is 27. Shares of ZGNX are now starting to bounce off that recent low and move within range of triggering a major breakout trade. That trade will hit once ZGNX manages to take out its gap down day high of $1.44 with high volume.
Traders should now look for long-biased trades in ZGNX as long as it's trending above $1.16, and then once it sustains a move or close above $1.44 with volume that hits near or above 1.34 million shares. If that breakout hits soon, then ZGNX will set up to re-fill some of its previous gap down zone. Some possible upside targets are $1.80 to $2.
This is a specialty retailer of consumer electronics, home appliances and related services operating under the name hhgregg. This stock is trading up 6.3% to $7.99 in recent trading.
Today's Range: $7.51-$8.05
52-Week Range: $5.84-$14.87
Three-Month Average Volume: 348,110
From a technical perspective, HGG is bouncing to the upside here right off its 50-day moving average of $7.52 with lighter volume. This move has started to push HGG into breakout territory, since the stock has taken out some near-term overhead resistance levels at $7.56 to $7.74. Shares of HGG are now moving within range of triggering another major breakout trade. That trade will hit once HGG clears some more overhead resistance levels at $8.53 to $8.84 and then when it takes out its 200-day at $8.89 with high volume.
Traders should now look for long-biased trades in HGG as long as it's trending above its 50-day at $7.52, and then once it sustains a move or close above those breakout levels with volume that hits near or above 348,110 shares. If that breakout triggers soon, then HGG will set up to re-fill some of its previous gap down zone from July that started at $12.
Builders FirstSource (BLDR)
This company is a supplier and manufacturer of structural and related building products for residential new construction. This stock is trading up 6.6% to $5.44 in recent trading.
Today's Range: $5.12-$5.46
52-Week Range: $1.81-$6.05
Three-Month Average Volume: 389,384
Shares of BLDR are soaring today after the company said it increased its liquidity by $93 million to support sales growth.
From a technical perspective, BLDR is bouncing strongly here right off its 50-day moving average of $5.10 with high volume. This move is quickly pushing BLDR within range of triggering a near-term breakout trade. That trade will hit once BLDR manages to take out some near-term overhead resistance levels at $5.36 to $5.42 with high volume. At last check, shares of BLDR have hit an intraday high of $5.46 with volume that's well above its three-month average action of 389,384 shares.
Traders should now look for long-biased trades in BLDR as long as it's trending above its 50-day at $5.10, and then once it sustains a move or close above $5.36 to $5.46 with volume that hits near or above 389,384 shares. If that breakout triggers soon, then BLDR will set up to re-test or possibly take out its 52-week high of $6.05. Any move above $6.05 will then push BLDR into new 52-week high territory, which is bullish technical price action. Some possible upside targets off that move are $6.50 to $7.
To see more stocks that are making notable moves higher today, check out the Stocks Under $10 Moving Higher portfolio on Stockpickr.
-- Written by Roberto Pedone in Winderemere, Fla.
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 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.