Stock Quotes in this Article: AZPN, CYOU, IOC, WBAI

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.

Aspen Technology

Aspen Technology (AZPN) provides process optimization software solutions to manage and optimize plant and process design, operational performance and supply chain planning internationally. This stock closed up 1.3% to $47.40 in Friday's trading session.

Friday's Volume: 1.14 million

Three-Month Average Volume: 469,321

Volume % Change: 134%

From a technical perspective, AZPN trended modestly higher here with above-average volume. This stock has been uptrending very strong for the last six months, with shares soaring higher from its low of $33.31 to its intraday high of $48.18. During that uptrend, shares of AZPN have been consistently making higher lows and higher highs, which is bullish technical price action. Traders should now look for a continuation move higher in the short-term if AZPN manages to clear Friday's high of $48.18 with strong volume.

Traders should now look for long-biased trades in AZPN as long as it's trending above some key near-term support levels at $45 or $44 and then once it sustains a move or close above Friday's high of $48.18 with volume that hits near or above 469,321 shares. If we get that move soon, then AZPN will set up to enter new 52-week-high territory, which is bullish technical price action. Some possible upside targets off that move are $53 to $55.

500.com

500.com (WBAI) provides online sports lottery services in the People's Republic of China. This stock closed up 2.1% at $48 in Friday's trading session.

Friday's Volume: 1.03 million

Three-Month Average Volume: 633,377

Volume % Change: 96%

From a technical perspective, WBAI trended higher here and briefly entered new all-time-high territory with above-average volume. This stock has been uptrending strong for the last few weeks, with shares moving higher from its low of $36.03 to its intraday high of $48.24. During that move, shares of WBAI have been consistently making higher lows and higher highs, which is bullish technical price action. Traders should now look for a continuation move higher in the short-term if WBAI manages to take out its all-time- high at $48.24 with strong volume.

Traders should now look for long-biased trades in WBAI as long as it's trending above Friday's low of $42.65 and then once it sustains a move or close above $48.24 with volume that hits near or above 633,377 shares. If we get that move soon, then WBAI will set up to enter new all-time-high territory, which is bullish technical price action. Some possible upside targets off that move are $55 to $60.

InterOil

InterOil (IOC) operates as an integrated oil and gas company in Papua New Guinea. This stock closed up 3.2% at $56.92 in Friday's trading session.

Friday's Volume: 2.16 million

Three-Month Average Volume: 1.01 million

Volume % Change: 95%

From a technical perspective, IOC jumped higher here with above-average volume. This stock has been uptrending over the last few weeks, with shares moving higher from its low of $49.12 to its intraday high of $57.28. During that uptrend, shares of IOC have been making mostly higher lows and higher highs, which is bullish technical price action. Market players should now look for a continuation move higher in the short-term if IOC manages to take out Friday's high of $57.28 with strong volume.

Traders should now look for long-biased trades in IOC as long as it's trending above $55 or $54 and then once it sustains a move or close above $57.28 with volume that hits near or above 1.01 million shares. If that move materializes soon, then IOC will set up to re-test or possibly take out its next major overhead resistance levels at $62.73 to its gap-down-day high from last December at $66. Any high-volume move above those levels will then give IOC a chance to re-fill some of its previous gap-down-day zone that started just above $89.

Changyou.com

Changeyou.com (CYOU) develops and operates online games in the People's Republic of China. This stock closed up 3.1% at $28.87 in Friday's trading session.

Friday's Volume: 761,000

Three-Month Average Volume: 341,241

Volume % Change: 115%

From a technical perspective, CYOU spiked higher here right above some near-term support at $27.49 with above-average volume. This move briefly pushed shares of CYOU into breakout territory, since the stock flirted with some near-term overhead resistance levels at $29 to its 50-day moving average of $30. Market players should now look for a continuation move higher in the short-term if CYOU manages to take out Friday's high of $30.60 to its 200-day moving average at $31.23 and then once clears more near-term overhead resistance at $31.69 with high volume.

Traders should now look for long-biased trades in CYOU as long as it's trending above some key near-term support at $27.49 and then once it sustains a move or close above those breakout levels with volume that's near or above 341,241 shares. If that move materializes soon, then CYOU will set up to re-test or possibly take out its next major overhead resistance level at $34.32. Any high-volume move above that level will then give CYOU a chance to re-fill some of its previous gap-down-day zone from last October that started near $38.

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.