Stock Quotes in this Article: RDEN, CZR, HII, FRGI, PFMT

 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 today.

Fiesta Restaurant Group

Fiesta Restaurant Group (FRGI) owns, operates and franchises fast-casual restaurants under the Pollo Tropical and Taco Cabana brand names. This stock closed up 10.5% to $34.73 in Friday's trading session.

Friday's Volume: 552,000

Three-Month Average Volume: 220,525

Volume % Change: 140%

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From a technical perspective, FRGI ripped sharply higher here right off some near-term support at $30.89 and back above its 50-day moving average of $34.23 with strong upside volume. This move pushed shares of FRGI into breakout territory, since the stock took out some near-term overhead resistance at $33.14. Shares of FRGI are now starting to move within range of triggering another key breakout trade. That trade will hit if FRGI manages to take out some near-term overhead resistance at $35.73 with high volume.

Traders should now look for long-biased trades in FRGI as long as it's trending above its 50-day at $34.23 or above $33 and then once it sustains a move or close above $35.75 with volume that hits near or above 220,525 shares. If that breakout hits soon, then FRGI will set up to re-test or possibly take out its all-time high at $38.84. Any high-volume move above that level will then give FRGI a chance to trend north of $40.

Huntington Ingalls Industries

Huntington Ingalls Industries (HII) is engaged in building, overhauling and repairing ships, mainly for the U.S. Navy and the U.S. Coast Guard. This stock closed up 1% at $64.11 in Friday's trading session.

Friday's Volume: 297,000

Three-Month Average Volume: 211,441

Volume % Change: 50%

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From a technical perspective, HII trended modestly higher here right above some near-term support levels at $62.13 to $61.74 with above-average volume. This move also pushed shares of HII into breakout territory, since the stock took out and closed above its previous 52-week high at $63.99.

Traders should now look for long-biased trades in HII as long as it's trending above some key near-term support at $62.13 or above $61.74 and then once it sustains a move or close above Friday's high of $64.14 with volume that hits near or above 211,441 shares. If we get that move soon, then HII will set up to enter new 52-week -igh territory, which is bullish technical price action. Some possible upside targets off that move are $70 to $72.

Caesars Entertainment

Caesars Entertainment (CZR) is a casino-entertainment provider and a diverse U.S. casino-entertainment company. This stock closed up 4.2% at $18.36 in Friday's trading session.

Friday's Volume: 1.55 million

Three-Month Average Volume: 636,136

Volume % Change: 205%

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From a technical perspective, CZR jumped higher here and broke out into new all-time high territory above $18.37 with heavy upside volume. This stock has been uptrending strong for the last two months, with shares moving higher from its low of $11.90 to its intraday high on Friday of $18.73. During that move, shares of CZR have been consistently making higher lows and higher highs, which is bullish technical price action.

Traders should now look for long-biased trades in CZR as long as it's trending above Friday's low of $17.39 or above more near-term support at $16, and then once it sustains a move or close above its all-time high at $18.73 with volume that's near or above 636,136 shares. If we get that move soon, then CZR will set up to enter new all-time-high territory, which is bullish technical price action. Some possible upside targets off that move are $22 to $25.

Performant Financial

Performant Financial (PFMT) provides technology-enabled recovery and related analytics services in the U.S. This stock closed up 6.9% at $11.84 in Friday's trading session.

Friday's Volume: 310,000

Three-Month Average Volume: 261,916

Volume % Change: 60%

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From a technical perspective, PFMT soared higher here right off both its 200-day moving average of $11.02 and its 50-day moving average at $11.06 with decent upside volume. This move is quickly pushing shares of PFMT within range of triggering a major breakout trade. That trade will hit if PFMT manages to take out some near-term overhead resistance levels at $12.47 to $13.26 with high volume.

Traders should now look for long-biased trades in PFMT as long as it's trending above its 200-day at $11.02 and then once it sustains a move or close above those breakout levels with volume that's near or above 261,916 shares. If that breakout hits soon, then PFMT will set up to re-test or possibly take out its all-time high at $14.09. Any high-volume move above $14.09 will then give PFMT a chance to trend north of $15.

Elizabeth Arden

Elizabeth Arden (RDEN) is a beauty products company with a portfolio of prestige fragrance, skin care and cosmetics brands. This stock closed up 0.30% at $33.66 in Friday's trading session.

Friday's Volume: 736,000

Three-Month Average Volume: 219,258

Volume % Change: 125%

From a technical perspective, RDEN bounced modestly higher here with heavy upside volume. This stock recently gapped down sharply from $40 to its new 52-week low at $30.37 with monster downside volume. That move has now pushed shares of RDEN into extremely oversold territory, since its current relative strength index reading is 16.20. Oversold can always get move oversold, but it's also an area where a stock can experience a powerful bounce higher from.

Traders should now look for long-biased trades in RDEN as long as it's trending above Friday's low of $33.08 or above $32 and then once it sustains a move or close above its gap down day high of $34 with volume that's near or above 219,258 shares. If we get that move soon, then RDEN will set up to re-fill its previous gap down zone that started at $40. Some possible upside targets for RDEN if it gets into that gap with volume are $36 to $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.