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3 Stocks Rising on Unusual Volume - views
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.
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.
Buckeye Partners (BKW) restaurants feature flame-grilled hamburgers, chicken and other specialty sandwiches, french fries, soft drinks and other food items. This stock is trading up 3.9% at $21.45 in recent trading.
Today's Volume: 895,000
Average Volume: 765,458
Volume % Change: 130%
From a technical perspective, BKW is spiking higher here and breaking out into new all-time high territory above $20.58 with above-average volume. This stock has been uptrending for the last few weeks, with shares moving higher from it low just under $18.50 to its intraday high of $21.70. During that move, shares of BKW have been mostly making higher lows and higher highs, which is bullish technical price action.
Traders should now look for long-biased trades in BKW as long as it's trending above today's low of $20.83 and then once it sustains a move or close above its all-time high at $21.70 with volume that this near or above 765,458 shares. If we get that move soon, then BKW will set up to enter new all-time-high territory above $21.70, which is bullish technical price action. Some possible upside targets off that move are $25 to $30.
FXCM (FXCM) provides online foreign exchange trading and related services to retail and institutional customers worldwide. This stock is trading up 6.4% to $15.19 in recent trading.
Today's Volume: 501,000
Average Volume: 286,881
Volume % Change: 150%
From a technical perspective, FXCM is soaring higher here right above its 50-day moving average at $13.98 with above-average volume. This move has started to push shares of FXCM into new all-time high territory, since the stock has taken out its previous overhead resistance at $14.94.
Traders should now look for long-biased trades in FXCM as long as it's trending above today's low of $14.45 or above its 50-day at $13.98 and then once it sustains a move or close above its all-time high at $15.29 with volume that hits near or above 286,881 shares. If we get that move soon, then FXCM will set up to enter new all-time-high territory, which is bullish technical price action. Some possible upside targets off that move are $20 to $23.
Canadian Solar (CSIQ) designs, develops, manufactures and sells solar cell and solar module products that convert sunlight into electricity. This stock is trading up 8.5% at $10.23 in recent trading.
Today's Volume: 5.74 million
Average Volume: 1.75 million
Volume % Change: 300%
From a technical perspective, CSIQ is ripping higher here with heavy upside volume. This stock has been uptrending strong for the last two months and change, with shares soaring from its low of $3.16 to its recent high of $10.65. During that uptrend, shares of CSIQ have been consistently making higher lows and higher highs, which is bullish technical price action. That move has now pushed shares of CSIQ within range of triggering a major breakout trade. That trade will hit if CSIQ manages to take out 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 some key near-term support levels at $9.50 or $8.80 and then once it sustains a move or close above its 52-week high at $10.65 with volume that's near or above 1.75 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 $15, or potentially even $17.
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.
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.