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 a number of stocks rising on unusual volume today .
Wynn Resorts (WYNN) is a developer, owner and operator of destination casino resorts. The stock is trading up 6.4% at $119.94 in recent trading.
Today's Volume: 5.9 million
Average Volume: 2.5 million
Volume % Change: 310%
Shares of WYNN are ripping higher today after the company's board moved over the weekend to force out co-founder Kazuo Okada as being unsuitable. As part of his ouster, Wynn will also forcibly redeem his 20% stake in the company, paying Okada $1.9 billion in 10 years.
From a technical perspective , WYNN is gapping up strong today on heavy volume. The stock is now trading within range of triggering a major breakout trade if it can manage to take out some near-term overhead resistance levels at $122.71 to $123.14 on strong volume.
Traders should look for a sustained high-volume move and close above those levels to signal that this stock wants to trend much higher. Look for volume that's near or well above 2,519,930 shares. If we get that action today or soon, then look for WYNN to trade back towards $130 to $135 in the near future.
A big bet on Wynn comes from Coatue Management , which initiated a new position in the stock in the fourth quarter.
Follow @stockpickr FreightCar America
FreightCar America (RAIL) is engaged in manufacturing of aluminum-bodied railcars in North America. The stock is trading up 6.5% at $26.99 in recent trading.
Today's Volume: 374,000
Average Volume: 99,369
Volume % Change: 480%
From a technical perspective, RAIL recently gapped up big from $21 to $27.35 on monster volume after reporting solid earnings. Now the stock is trading within range of breaking out above that earnings' day high of $27.35. At last check, the stock hit a daily high of $27.11 and the volume is well above the average action of 99,369 shares.