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3 Tech Stocks Spiking on Big Volume - views
DELAFIELD, 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.
Yandex (YNDX) offers access to its search engine through personal computers, mobile phones, tablets and navigation and other digital devices. It operates mainly in Russia. This stock closed up 4% at $29.49 on Wednesday.
Wednesday's Volume: 5.21 million
Average Volume: 2.47 million
Volume % Change: 135%
From a technical perspective, YNDX ripped higher here right above some near-term support at $28 with heavy upside volume. This move has started to push shares of YNDX into breakout territory, since the stock flirted with its previous 52-week high at $29.48. At last check, YNDX hit an intraday high of $29.78 and volume was well above its three-month average action of 2.47 million shares.
Traders should now look for long-biased trades in YNDX as long as it's trending above $28 and then once it sustains a move or close above its new 52-week high at $29.78 with volume that hits near or above 2.47 million shares. If that breakout triggers soon, then YNDX will set up to re-test or possibly take out its next major overhead resistance levels at $32 to $34. Any high-volume move above those levels will then put $40 into range for shares YNDX.
Lam Research (LRCX) designs, manufactures, markets, refurbishes and services semiconductor processing equipment used in the fabrication of integrated circuits. This stock closed up 4.2% at $49.52 on Wednesday.
Wednesday's Volume: 4.76 million
Average Volume: 2.21 million
Volume % Change: 134%
From a technical perspective, LRCX ripped higher here right above its 50-day moving average of $46.65 with above-average volume. This move pushed shares of LRCX into breakout territory, since the stock took out its previous 52-week high at $49.13. At last check, LRCX hit an intraday high of $49.70 and volume was well above its three-month average action of 2.21 million shares.
Traders should now look for long-biased trades in LRCX as long as it's trending above Wednesday's low of $47.60, and then once it sustains a move or close above its new 52-week high at $49.70 with volume that this near or above 2.21 million shares. If that breakout triggers soon, then LRCX will set up to enter new 52-week-high territory, which is bullish technical price action. Some possible upside targets off that breakout are its next major overhead resistance levels at $55 to $57.50, or even $60.
Synchronoss Technologies (SNCR) provides personal cloud solutions and software-based activation for connected devices in U.S. and Abroad. This stock closed up 2.6% at $27.46 on Wednesday.
Wednesday's Volume: 876,000
Average Volume: 251,465
Volume % Change: 247%
From a technical perspective, SNCR bounced higher here off some near-term support at $26.60 with above-average volume. This stock recently dropped sharply from its high of $32.47 to its low of $26.60. That drop included a gap lower in price from $29 to $26.60, but the stock so far has held above its 200-day moving average of $25.86. Shares of SNCR might be setting up here to bounce higher off oversold levels, since its current relative strength index reading is 33.30.
Traders should now look for long-biased trades in SNCR as long as it's trending above some key near-term support at $26.60 and then once it sustains a move or close above Wednesday's high at $27.85 with volume that's near or above 251,465 shares. If we get that move soon, then SNCR will set up to re-test or possibly take out its gap down day high near $29. Any high-volume move above $29 will then give SNCR a chance to re-fill that gap down zone that started near $31.
To see more stocks rising on unusual volume, check out the Stocks Rising on Unusual Volume portfolio on Stockpickr.
-- Written by Roberto Pedone in Delafield, Wis.
At the time of publication, author had no positions in stocks mentioned.
Roberto Pedone, based out of Delafield, 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.