Stock Quotes in this Article: HA, ITMN, OME, VRSK, OLED

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.

Hawaiian Holdings

Hawaiian Holdings (HA), is engaged in the scheduled air transportation of passengers and cargo. This stock closed up 4.8% at $14.57 in Monday's trading session.

Monday's Volume: 2.14 million

Three-Month Average Volume: 1.04 million

Volume % Change: 95%

From a technical perspective, HA ripped higher here back above its 50-day moving average of $14.12 with above-average volume. This strong spike to the upside on Monday is quickly pushing shares of HA within range of triggering a near-term breakout trade. That trade will hit if HA manages to take out Monday's intraday high of $14.61 to some more near-term overhead resistance at $15 with high volume.

Traders should now look for long-biased trades in HA as long as it's trending above Monday's intraday low of $13.80 or above more near-term support at $13.36 and then once it sustains a move or close above those breakout levels with volume that hits near or above 1.04 million shares. If that breakout triggers soon, then HA will set up to re-test or possibly take out its 52-week high at $16.49. Any high-volume move above that level will then give HA a chance to tag $18 to $20.

Verisk Analytics

Verisk Analytics (VRSK) provides proprietary data, analytic methods, and embedded decision support solutions for detecting fraud in property and casualty insurance, financial, and healthcare industries in the U.S. This stock closed up 0.9% at $60.74 in Monday's trading session.

Monday's Volume: 1.97 million

Three-Month Average Volume: 704,017

Volume % Change: 173%

From a technical perspective, VRSK rose modestly higher here right off some near-term support at $60 with above-average volume. This trend higher on Monday is starting to push shares of VRSK within range of triggering a near-term breakout trade. That trade will hit if VRSK manages to take out its 50-day moving average of $60.87 to some more near-term overhead resistance at $60.88 with high volume.

Traders should now look for long-biased trades in VRSK as long as it's trending above some key near-term support levels at $60 or at $58.80 and then once it sustains a move or close above those breakout levels with volume that's near or above 704,017 shares. If that breakout hits soon, then VRSK will set up to re-test or possibly take out its next major overhead resistance levels at its 200-day moving average of $62.37 to $63.40. Any high-volume move above those levels will then give VRSK a chance to tag $65 to $66, or even $67.

InterMune

InterMune (ITMN), a biotechnology company, focuses on the research, development, and commercialization of therapies for pulmonology and orphan fibrotic diseases in North America and Europe. This stock closed up 3.7% at $44.71 in Monday's trading session.

Monday's Volume: 3.13 million

Three-Month Average Volume: 2.01 million

Volume % Change: 65%

From a technical perspective, ITMN jumped higher here right above some near-term support at $42.26 and back above its 50-day moving average of $43.60 with above-average volume. This spike to the upside on Monday briefly pushed shares of ITMN into breakout territory, since the stock flirted with some near-term overhead resistance at $45.88. Shares of ITMN tagged an intraday high of $46.50, before it closed just below that level at $44.71. This move is now starting to push shares of ITMN within range of triggering a much bigger breakout trade. That trade will hit if IMTN manages to take out Monday's intraday high of $46.50 to its 52-week high at $47.72 with high volume.

Traders should now look for long-biased trades in ITMN as long as it's trending above Monday's intraday low of $42.50 or above more near-term support at $42.26 and then once it sustains a move or close above those breakout levels with volume that's near or above 2.01 million shares. If that breakout materializes soon, then ITMN will set up to enter new 52-week-high territory, which is bullish technical price action. Some possible upside targets off that breakout are $50 to $55, or $60.

Universal Display

Universal Display (OLED) is engaged in the research, development, and commercialization of organic light emitting diode technologies and materials for use in flat panel displays and solid-state lighting applications. This stock closed up 5.4% at $32.38 in Monday's trading session.

Monday's Volume: 1.07 million

Three-Month Average Volume: 677,028

Volume % Change: 65%

From a technical perspective, OLED ripped sharply higher here right above its 50-day moving average of $30.26 and back above its 200-day moving average of $31.40 with above-average volume. This spike to the upside on Monday also pushed shares of OLED into breakout territory, since the stock took out some near-term overhead resistance levels at $31.93 to $32.07. Shares of OLED are now quickly moving within range of triggering another big breakout trade. That trade will hit if OLED manages to take out Monday's intraday high of $32.74 to some key overhead resistance at $33.26 with high volume.

Traders should now look for long-biased trades in OLED as long as it's trending above its 50-day at $30.26 or above more near-term support at $29.57 and then once it sustains a move or close above those breakout levels with volume that's near or above 677,028 shares. If that breakout begins soon, then OLED will set up to re-test or possibly take out its next major overhead resistance levels at $35.50 to$35.91, or its 52-week high at $39.74.

Omega Protein

Omega Protein (OME), a nutritional ingredient company, produces Omega-3 fish oil and specialty fish meal products. This stock closed up 5.1% at $12.29 in Monday's trading session.

Monday's Volume: 481,000

Three-Month Average Volume: 124,111

Volume % Change: 314%

From a technical perspective, OME ripped sharply higher here right above some near-term support at $11.58 with strong upside volume flows. This stock recently gapped down sharply lower from $14.89 to $11.58 with monster downside volume flows. Following that move, shares of OME have now started to rebound off that $11.58 low with better volume and it's quickly moving within range of triggering a near-term breakout trade. That trade will hit if OME manages to take out its 200-day moving average of $12.53 with high volume.

Traders should now look for long-biased trades in OME as long as it's trending above Monday's intraday low of $11.71or above that recent low of $11.58 and then once it sustains a move or close above its 200-day at $12.53 with volume that's near or above 124,111 shares. If that breakout gets set off soon, then OME will set up to re-test or possibly take out its next major overhead resistance levels at its 200-day moving average of $13.79 to $14.89.

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.