Stock Quotes in this Article: BBBY, CXO, DXPE, RES, HLSS

MADISON, 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.

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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Concho Resources

Concho Resources (CXO) is an independent oil and natural gas company engaged in the acquisition, development, exploitation and exploration of producing oil and natural gas properties. This stock closed up 2% at $88.03 on Wednesday.

Wednesday's Volume: 2.99 million

Average Volume: 1.22 million

Volume % Change: 169%

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From a technical perspective, CXO bounced modestly higher here right off its 50-day moving average at $85.85 with above-average volume. This stock has been uptrending strong for the last few weeks, with shares moving higher from its low of $79.10 to its intraday high of $88.46. During that move, shares of CXO have been consistently making higher lows and higher highs, which is bullish technical price action. That move has now pushed shares of CXO within range of triggering a near-term breakout trade. That trade will hit if CXO manages to take out its 200-day moving average at $88.43 with high volume.

Traders should now look for long-biased trades in CXO as long as it's trending above its 50-day at $85.85 and then once it sustains a move or close above its 200-day at $88.43 with volume that hits near or above 1.22 million shares. If that breakout hits soon, then CXO will set up to re-test or possibly take out its next major overhead resistance levels at $93 to $98.

Bed Bath & Beyond

Bed Bath & Beyond (BBBY) operates a chain of retail stores, operating under the names Bed Bath & Beyond, Christmas Tree Shops, Harmon and Harmon Face Values, buybuy BABY & World Market or Cost Plus World Market. This stock closed up 2% at $68.33 on Wednesday.

Wednesday's Volume: 4.62 million

Average Volume: 2.42 million

Volume % Change: 101%

Shares of BBBY jumped higher on Wednesday after Nomura upgraded the stock to buy from neutral with an $82 price target.

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From a technical perspective, BBBY bounced modestly higher here right above its 50-day moving average at $67.32 with above-average volume. This move is quickly pushing shares of BBBY within range of triggering a near-term breakout trade. That trade will hit if BBBY manages to take out some near-term overhead resistance levels at $70.07 to $70.40 with high volume.

Traders should now look for long-biased trades in BBBY as long as it's trending above its 50-day at $67.32 and then once it sustains a move or close above those breakout levels with volume that hits near or above 2.42 million shares. If that breakout triggers soon, then BBBY will set up to re-test or possibly take out its next major overhead resistance levels at $71.61 to $75.84.

Home Loan Servicing Solutions

Home Loan Servicing Solutions (HLSS) acquires mortgage servicing assets and engages a residential mortgage loan servicer to service the pool of mortgage loans. This stock closed up 2.1% to $23.49 on Wednesday.

Wednesday's Volume: 830,000

Average Volume: 584,031

Volume % Change: 50%

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From a technical perspective, HLSS bounced higher here back above its 50-day moving average at $23.13 with above-average volume. This stock has been trending sideways inside of a consolidation pattern for the last month, with shares moving between $22.30 on the downside and $24.63 on the upside. A high-volume move above the upper-end of its recent range could trigger a big breakout trade for HLSS. That trade will hit if HLSS manages to take out some near-term overhead resistance levels at $24.43 $24.63 with high volume.

Traders should now look for long-biased trades in HLSS as long as it's trending above its 50-day at $23.13 and then once it sustains a move or close above those breakout levels with volume that hits near or above 584,031 shares. If that breakout triggers soon, then HLSS will set up to enter new 52-week- and all-time-high territory above $24.63, which is bullish technical price action. Some possible upside targets off that breakout are $28 to $30 -- or even north of $30.

DXP Enterprises

DXP Enterprises (DXPE) is engaged in the business of distributing maintenance, repair and operating products, equipment and service to industrial customers. This stock closed up 2.4% at $62.93 in recent trading.

Today's Volume: 165,000

Average Volume: 114,795

Volume % Change: 50%

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From a technical perspective, DXPE trended higher here with above-average volume. This stock has been uptrending for the last few weeks, with shares moving higher from its recent low of $57 to its intraday high of $63.30. During that uptrend, shares of DXPE have been consistently making higher lows and higher highs, which is bullish technical price action. That move has now pushed shares of DXPE within range of triggering a near-term breakout trade. That trade will hit if DXPE manages to take out some near-term overhead resistance levels at $64.03 to its 50-day moving average at $64.64 with high volume.

Traders should now look for long-biased trades in DXPE as long as it's trending above today's low at $61.04 and then once it sustains a move or close above those breakout levels with volume that's near or above 114,795 shares. If that breakout triggers soon, then DXPE will set up to re-test or possibly take out its next major overhead resistance levels at $68.30 to $72.50.

RPC

RPC (RES) provides a range of specialized oilfield services and equipment mainly to independent and major oil and gas companies engaged in the exploration, production and development of oil and gas properties. This stock closed up 4.6% to $13.10 on Wednesday.

Wednesday's Volume: 1.56 million

Average Volume: 876,144

Volume % Change: 50%

Shares of RES spiked higher on Wednesday after the company announced its board of directors approved an increase of 5 million shares to its stock repurchase program.

From a technical perspective, RES bounced higher here right off some near-term support at $12.50 with above-average volume. This move is quickly pushing shares of RES within range of triggering a near-term breakout trade. That trade will hit if RES manages to clear its 200-day at $13.22 and its 50-day at $13.68 and then once it takes out more resistance at $13.80 with high volume.

Traders should now look for long-biased trades in RES as long as it's trending above $12.50 or above more near-term support at $12.41, and then once it sustains a move or close above those breakout levels with volume that hits near or above 876,144 shares. If that breakout triggers soon, then RES will set up to re-test or possibly take out its next major overhead resistance levels at $14.55 to $15.28. Any high-volume move above $15.28 will then put $16 to $16.50 into range for shares of RES.

To see more stocks rising on unusual volume, check out the Stocks Rising on Unusual Volume portfolio on Stockpickr.

-- Written by Roberto Pedone in Madison, Wis.

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At the time of publication, author had no positions in stocks mentioned.

Roberto Pedone, based out of Madison, 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.