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3 Tech 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.
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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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SS&C Technologies (SSNC) provides software products and software-enabled services to the financial services industry, mainly in North America. This stock is trading up 6.8% at $24.34 in recent trading.
Today’s Volume: 791,000
Average Volume: 133,516
Volume % Change: 852%
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From a technical perspective, SSNC is gapping higher here right off its 50-day moving average of $22.80 and back above its 200-day moving average of $23.62 with monster upside volume. This move has started to push shares of SSNC into breakout territory, since the stock has flirted with some near-term overhead resistance at $24.48 to $24.57. At last check, SSNC has hit an intraday high of $24.77 and volume is well above its three-month average action of 133,516 shares.
Traders should now look for long-biased trades in SSNC as long as it’s trending above its 200-day at $23.62, and then once it sustains a move or close above $24.77 with volume that hits near or above 133,516 shares. If that breakout triggers, then SSNC will set up to re-test or possibly take out its next major overhead resistance level at $25.50 to $25.84. Any high-volume move above $25.84 will then put $26.21 to $27 into range for shares of SSNC.
Ellie Mae (ELLI) is an electronic mortgage origination network in the U.S. Its network and the technology-enabled solutions help streamline and automates the mortgage origination process. This stock is trading up 5.7% at $22.08 in recent trading.
Today’s Volume: 2.54 million
Average Volume: 693,761
Volume % Change: 464%
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From a technical perspective, ELLI is ripping higher here back above its 200-day moving average of $22.49 with monster upside volume. This move is quickly pushing shares of ELLI within range of triggering a near-term breakout trade. That trade will hit if ELLI manages to take out its 50-day moving average of $24.22 with high volume.
Traders should now look for long-biased trades in ELLI as long as it’s trending above today’s low of $21.79, and then once it sustains a move or close above $24.22 with volume that hits near or above 693,761 shares. If that breakout hits soon, then ELLI will set up to re-test or possibly take out its next major overhead resistance levels at $25 to $27.68. Rogers Communications
Rogers Communications (RCI) is a communications and media company in Canada operating in three segments: wireless, cable and media. This stock is trading up 3.4% at $47.06 in recent trading.
Today’s Volume: 703,000
Average Volume: 251,860
Volume % Change: 350%
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From a technical perspective, RCI is spiking higher here right off its 50-day moving average of $45.77 with above-average volume. This stock has been uptrending strong for the last six months, with shares moving higher from its low of $38.70 to its intraday high of $47.49. During that move, shares of RCI have been consistently making higher lows and higher highs, which is bullish technical price action. That move has now pushed shares of RCI into breakout territory and new 52-week-high territory, since the stock has flirted with some near-term overhead resistance at $47.09. At last check, RCI has hit an intraday high of $47.49 and volume is well above its three-month average action of 251,860 shares.
Traders should now look for long-biased trades in RCI as long as it’s trending above its 50-day at $45.77, and then once it sustains a move or close above $47.09 to $47.49 with volume that hits near or above 251,860 shares. If that breakout triggers soon, then RCI will set up to enter new 52-week-high territory, which is bullish technical price action. Some possible upside targets off that move are $50 to $53.
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.
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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.