Stock Quotes in this Article: CSII, CSV, FUN, PKY

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.

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

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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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Carriage Services

Carriage Services (CSV) is a provider of death care services and merchandise in the U.S. This stock closed up 4.6% at $20.52 on Wednesday.

Wednesday's Volume: 212,000

Average Volume: 102,800

Volume % Change: 150%

From a technical perspective, CSV ripped higher here and broke out above some near-term overhead resistance and its 52-week high at $20 with above-average volume. This stock has been uptrending extremely strong for the last six months, with shares moving higher from its low of $9.22 to its intraday high of $20.57. During that move, shares of CSV have been consistently making higher lows and higher highs, which is bullish technical price action.

Traders should now look for long-biased trades in CSV as long as it’s trending above $20 with strong upside volume flows. I would consider any upside volume day that registers near or above its three-month average action of 102,800 shares as bullish. If CSV can maintain that trend, then this stock will set up to enter new 52-week high territory above $20.57, which is bullish technical price action. Some possible upside targets off that move are $23 to $25.

Cardiovascular Systems

Cardiovascular Systems (CSII) is a medical device company, which is focused on developing and commercializing interventional treatment systems for vascular disease. This stock closed up 5.8% to $18.80 on Wednesday.

Wednesday's Volume: 989,000

Average Volume: 150,015

Volume % Change: 453%

Shares of CSII jumped higher on Wednesday after the company announced the pricing of an underwritten public offering of 2 million shares at $17.60 per share.

From a technical perspective, CSII gapped higher here right off some near-term support at $17.49 with heavy upside volume. This stock has been uptrending strong for the last six months, with shares moving higher from its low of $10.38 to its recent high of $20.39. During that move, shares of CSII have been mostly making higher lows and higher highs, which is bullish technical price action. That move has now pushed shares of CSII within range of triggering a near-term breakout trade. That trade will hit if CSII manages to take out some near-term overhead resistance levels at $19.50 to $20.39 with high volume.

Traders should now look for long-biased trades in CSII as long as it’s trending above Wednesday’s low of $18.33, and then once it sustains a move or close above those breakout levels with volume that hits near or above 150,015 hares. If that breakout hits soon, then CSII will set up to enter new 52-week high territory above $20.39, which is bullish technical price action. Some possible upside targets off that breakout are $23 to $25.

Cedar Fair

Cedar Fair (FUN) is a regional amusement park operator that owns eleven amusement parks, six outdoor water parks, one indoor water park and five hotels. This stock closed up 1.9% at $38.56 on Wednesday.

Wednesday's Volume: 568,000

Average Volume: 154,854

Volume % Change: 170%

From a technical perspective, FUN bounced higher here right above its 50-day moving average of $37.13 with above-average volume. This move is quickly pushing shares of FUN within range of triggering a near-term breakout trade. That trade will hit if FUN manages to take out some near-term overhead resistance level at $38.45 to $38.91 with high volume.

Traders should now look for long-biased trades in FUN as long as it’s trending above its 50-day at $37.13, and then once it sustains a move or close above those breakout levels with volume that hits near or above 154,854 shares. If that breakout triggers soon, then FUN will set up to enter new 52-week-high territory above $39.55, which is bullish technical price action. Some possible upside targets off that breakout are $40 to $43.

Parkway Properties

Parkway Properties (PKY) is a real estate investment trust, engaged in the operation, leasing, acquisition and ownership of office properties. This stock closed up 2.4% at $17.84 on Wednesday.

Wednesday's Volume: 5.54 million

Average Volume: 346,727

Volume % Change: 1040%

Shares of PKY trended higher on Wednesday after the company announced the pricing of an underwritten public offering of 11 million shares at $17.25 per share.

From a technical perspective, PKY bounced higher here right above some near-term support at $17.23 with heavy upside volume. This move briefly pushed PKY into breakout territory and new 52-week-high territory above $18.13, but the stock pulled back and closed below that level. Shares of PKY hit an intraday high of $18.19 and volume was significantly higher than its three-month average action of 346,727 shares. This stock has been in a mega-uptrend for the last four months, with shares soaring higher from its low of $12.68 to its intraday high of $18.19.

Traders should now look for long-biased trades in PKY as long as it’s trending above that key near-term support at $17.23, and then once it sustains a move or close above its 52-week high of $18.19 with volume that hits near or above 346,727 shares. If that breakout hits soon, then PKY will enter new 52-week-high territory above $18.19, which is bullish technical price action. Some possible upside targets off that move are $20 to $23.

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.