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3 Stocks Spiking on Big Volume - views
WINDERMERE, Fla. (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.
Myriad Genetics (MYGN) is engaged in the discovery and commercialization of transformative tests which assess a person's risk of developing disease, guide treatment decisions and assess risk of disease progression and recurrence. This stock is trading up 5.9% at $27.66 in recent trading.
Today’s Volume: 2.39 million
Average Volume: 988,282
Volume % Change: 192%
Shares of MYGN are spiking higher here after the Supreme Court concluded its debate over whether Myriad Genetics and other gene-based biopharmaceutical or diagnostic companies could patent human DNA.
From a technical perspective, MYGN is exploding higher here back above its 200-day moving average at $26.43 with heavy upside volume. This move is quickly pushing shares of MYGN within range of triggering a major breakout trade. That trade will hit if MYGN manages to take out some near-term overhead resistance levels at $27.83 to $27.89 with high volume.
Traders should now look for long-biased trades in MYGN as long as it’s trending above its 200-day at $26.43, and then once it sustains a move or close above those breakout levels with volume that hits near or above 988,282 shares. If that breakout triggers soon, then MYGN will set up to re-test or possibly take out its next major overhead resistance levels at $30 to its 52-week high at $31.80.
Puma Biotechnology (PBYI) is a development-stage biopharmaceutical company that acquires and develops innovative products for the treatment of various forms of cancer. This stock is trading up 4.4% to $33.40 in recent trading.
Today’s Volume: 72,000
Average Volume: 119,923
Volume % Change: 50%
From a technical perspective, PBYI is bouncing higher here right above some near-term support levels at $31 and $29.82 with decent upside volume. This stock has been uptrending strong for the last three months and chance, with shares soaring higher from its low of $18.22 to its recent high of $34.98. During that move, shares of PBYI have been consistently making higher lows and higher highs, which is bullish technical price action. That move has pushed shares of PBYI within range of triggering a near-term breakout trade. That trade will hit if PBYI manages to take out its 52-week high and all-time high at $34.98 with high volume.
Traders should now look for long-biased trades in PBYI as long as it’s trending above some key near-term support levels at $31 to $29.82, and then once it sustains a move or close above $34.98 with volume that hits near or above 119,923 shares. If that breakout triggers soon, then PBYI will set up to trend towards $40 or possibly even higher.
Citigroup (C) provides financial products and services, including consumer banking, credit cards, corporate and investment banking, securities brokerage and wealth management. This stock is trading up 1.7% at $45.54 in recent trading.
Today’s Volume: 38.92 million
Average Volume: 32.01 million
Volume % Change: 74%
Shares of C are jumping higher here after the company reported better-than-expected earnings for the first quarter of 2013.
From a technical perspective, C is moving higher here right above its 50-day moving average of $44.15 with above-average volume. This move is quickly pushing shares of C within range of triggering a major breakout trade. That trade will hit if C manages to take out its 52-week high at $47.92 with high volume.
Traders should now look for long-biased trades in C as long as it’s trending above its 50-day at $44.15, and then once it sustains a move or close above $47.92 with volume that hits near or above 32.01 million shares. If that breakout triggers soon, then C will set up to enter new 52-week high territory above $47.92, which is bullish technical price action. Some possible upside targets off that breakout are $50 to $51.50.
To see more stocks rising on unusual volume, check out the Stocks Rising on Unusual Volume 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.