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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.
This company manufactures and markets polymer and specialty chemical products. This stock is trading up 3.5% at $17.95 in recent trading.
Today's Volume: 742,000
Average Volume: 546,768
Volume % Change: 107%
Shares of CHMT are trending higher today after the company announced it has sold its Antioxidant and UV Stabilizers business for $200 million to SK Capital Partners.
From a technical perspective, CHMT is bouncing notably higher here right near its 50-day moving average of $16.94 with above-average volume. This move has also pushed CHMT into breakout territory, since the stock has cleared some near-term overhead resistance at $17.69. This action is now pushing CHMT into range of triggering another breakout trade. That trade will hit once CHMT clears some near-term overhead resistance at $18.44 with high volume.
Traders should now look for long-biased trades in CHMT as long as it's trending above its 50-day at $16.94, and then once it sustains a move or close above $18.44 with volume that hits near or above 546,768 shares. If that breakout triggers soon, then CHMT will set up to re-test or possibly take out its next major overhead resistance levels at $18.92 to $19.37. Any move above $19.37 would then send CHMT into all-time high territory, which is bullish technical price action.
This company provides automated network control services and provides an appliance-based solution that enables dynamic networks and next-generation data centers. This stock is trading up 4.4% at $15.14 in recent trading.
Today's Volume: 235,000
Average Volume: 291,402
Volume % Change: 70%
From a technical perspective, BLOX is bouncing notably higher here right around some near-term support at $13.73 with decent volume. This stock has been downtrending badly for the last two months, with shares dropping from a high of $24.15 to a recent low of $13.73. During that move, shares of BLOX have been consistently making lower highs and lower lows, which is bearish technical price action. That said, BLOX has now started to bounce off of oversold territory, since its current relative strength index (RSI) reading is 26.4
Traders should now look for long-biased trades in BLOX as long as its trending above today's low of $14.41 with strong upside volume flows. I would consider any upside volume day that registers near or above 291,402 shares as bullish. If BLOX is ready for a sharp oversold bounce, then this stock could spike towards $17 to $18 in the near future.
This is a provider of eGovernment services which helps governments use the Internet to increase internal efficiencies and provide a higher level of service to businesses and citizens. This stock is trading up 4.9% at $15.56 in recent trading.
Today's Volume: 262,000
Average Volume: 173,206
Volume % Change: 98%
From a technical perspective, EGOV is ripping sharply higher here right off its 50-day moving average of $14.65 with above-average volume. This stock has been trending sideways for the last three months, with shares moving between $13.84 on the downside and $15.42 on the upside. This high-volume spike today is now pushing EGOV within range of triggering a major breakout trade. That trade will hit once EGOV manages to take out some near-term overhead resistance levels at $15.30 to $15.42 with high volume. At last check, EGOV has hit an intraday high of $15.63 and volume is tracking in above its three-month average action of 173,206 shares.
Traders should now look for long-biased trades in EGOV as long as it's trending above its 50-day at $14.65, and then once it sustains a move or close above those breakout levels with volume that hits near or above 173,206 shares. If EGOV can maintain its trend above those breakout levels, then look for this stock to make a run at $20 in the near future.
This company is engaged in the design, development, manufacture, sale and support of commercial jetliners, military aircraft, satellites, missile defense, human space flight and launch systems and services. This stock is trading up 1% at $73.86 in recent trading.
Today's Volume: 4.45 million
Average Volume: 4.67 million
Volume % Change: 50%
From a technical perspective, BA is moving modestly higher here with decent volume, after this stock recently crossed back above is 200-day moving average of $72.31 with strong upside volume. This move is quickly pushing BA within range of triggering a major breakout trade. That trade will hit once BA manages to take out some near-term overhead resistance levels at $74.54 to $75.50, and then once it takes out more resistance at $76.90 with high volume.
Traders should now look for long-biased trades in BA as long as it's trending above its 200-day at $72.31, and then once it sustains a move or close above those breakout levels with volume that hits near or above 4.67 million shares. If that breakout triggers soon, then BA will set up to re-test or possibly take out its next major overhead resistance level at $78.19.
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.