Stock Quotes in this Article: MYE, AGIO, KODK, CELP

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.

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Major moves in volume can signal unusual activity, such as insider buying or selling -- or buying or selling by "superinvestors."

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.

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With that in mind, let's take a look at several stocks rising on unusual volume recently.

Agios Pharmaceuticals

Agios Pharmaceuticals (AGIO), a biopharmaceutical company, focuses on the development and commercialization of therapeutics in the field of cancer metabolism and inborn errors of metabolism in the U.S. This stock closed up 27.8% to $45.35 in Monday's trading session.

Monday's Volume: 2.57 million

Three-Month Average Volume: 361,002

Volume % Change: 666%

From a technical perspective, AGIO exploded higher here and broke out above some near-term overhead resistance at $41.33 with monster upside volume. This move gapped shares of AGIO higher right off its 50-day moving average. Shares of AGIO are now starting to trend within range of triggering another major breakout trade. That trade will hit if AGIO manages to take out Monday's high of $46 to more resistance at $47.62 and then once it takes out its all-time high at $49.79 with high volume.

Traders should now look for long-biased trades in AGIO as long as it's trending above Monday's low of $41.37 or above $40 and then once it sustains a move or close above those breakout levels with volume that hits near or above 361,002 shares. If that breakout hits soon, then AGIO will set up to enter new all-time-high territory above $49.79, which is bullish technical price action. Some possible upside targets off that breakout are $55 to $60, or even $65.

Eastman Kodak

Eastman Kodak (KODK), a technology company, provides products and services in entertainment imaging and commercial films worldwide. This stock closed up 2.1% at $34.21 in Monday's trading session.

Monday's Volume: 257,000

Three-Month Average Volume: 75,594

Volume % Change: 142%

From a technical perspective, KODK trended modestly higher here right above some near-term support at $32 with above-average volume. This move pushed shares of KODK into breakout territory, after the stock took out some near-term overhead resistance at $33.83. Market players should now look for a continuation move higher in the short-term if shares of KODK manage to take out Monday's high of $34.94 with strong volume.

Traders should now look for long-biased trades in KODK as long as it's trending above support at $32 and then once it sustains a move or close above $34.94 with volume that hits near or above 75,594 shares. If we get that move soon, then KODK will set up to re-test or possibly take out its all-time high at $37.73.

Myers Industries

Myers Industries (MYE) manufactures and sells polymer products for industrial, agricultural, automotive, commercial and consumer markets worldwide. This stock closed up 3.2% to $21.62 in Monday's trading session.

Monday's Volume: 232,000

Three-Month Average Volume: 121,014

Volume % Change: 110%

From a technical perspective, MYE ripped higher here and broke out above some near-term overhead resistance at $21.49 with above-average volume. This move is quickly pushing shares of MYE within range of triggering a big breakout trade. That trade will hit if MYE manages to take out Monday's high of $21.80 to its 52-week high at $22.23 with high volume.

Traders should now look for long-biased trades in MYE as long as it's trending above Monday's low of $20.81 or above its 50-day at $20.07 and then once it sustains a move or close above those breakout levels with volume that hits near or above 121,014 shares. If that breakout gets underway soon, then MYE will set up to enter new 52-week-high territory, which is bullish technical price action. Some possible upside targets off that breakout are $25 to $27.

Cypress Energy Partners

Cypress Energy Partners (CELP) provides saltwater disposal and other water and environmental services in North America. This stock closed up 4.4% to $23.84 in Monday's trading session.

Monday's Volume: 195,000

Three-Month Average Volume: 106,400

Volume % Change: 195%

From a technical perspective, CELP spiked sharply higher here back above its 50-day moving average of $23.25 with above-average volume. This stock recently formed a double bottom chart pattern at $21 to $21.27. Following that bottom, shares of CELP have trended higher back above its 50-day and it's quickly moving within range of triggering a big breakout trade. That trade will hit if CELP manages to take out Monday's high of $24.52 to more resistance at $25.65 and then once it clears its all-time high at $26 with strong volume.

Traders should now look for long-biased trades in CELP as long as it's trending above Monday's low of 22.50 or above $22 and then once it sustains a move or close above those breakout levels with volume that hits near or above 106,400 shares. If that breakout materializes soon, then CELP will set up to enter new all-time-high territory above $26, which is bullish technical price action. Some possible upside targets off that breakout are $30 to $35.

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.


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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.