8 Stocks Rising on Huge Volume
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.
Let's take a look at several stocks rising on unusual volume today .
Ascena Retail Group (ASNA) operates as a specialty retailer of apparel for women and tween girls in the U.S., Puerto Rico and Canada. The stock is trading up 5.8% at $41.22 in recent trading.
Today's Volume: 2.3 million
Average Volume: 772,646
Volume % Change: 486%
From a technical perspective, ASNA is gapping up big today on monster volume, and it's breaking out above some near-term overhead resistance at $39.28.
Traders should now look for a strong close that's near its daily highs of $43, or at the least comfortably above that breakout. If we get that action, then traders should continue to look for long biased trades as long as ASNA doesn't move back below today's low of $40.56.
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H&E Equipment (HEES) is an integrated equipment services companies in the U.S. focused on heavy construction and industrial equipment. The stock is trading up 2.2% at $19.93 in recent trading.
Today's Volume: 545,000
Average Volume: 164,125
Volume % Change: 438%
From a technical perspective, HEES has started to flirt with a big breakout trade today since the stock is bumping up against some near-term overhead resistance at $19.64 with volume. This stock also briefly crossed above another big overhead resistance level of $20.40.
Traders should now watch for a sustained high-volume move and close above $19.64 to $20.40 to signal that this stock wants to trend much higher. Look for volume that's well above 164,125 shares.
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