4 Stocks Spiking on Big 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.
With that in mind, let's take a look at several stocks rising on unusual volume today.
WageWorks (WAGE) operates as an on-demand provider of tax-advantaged programs for consumer-directed health, and commuter and other employee spending account benefits in the U.S. This stock is trading up 4.8% at $22.28 in recent trading.
Today's Volume: 212,000
Average Volume: 172,272
Volume % Change: 126%
From a technical perspective, WAGE is spiking higher here right above some near-term support at $21.03 with above-average volume. This stock has been uptrending strong for the last two months, with shares soaring higher from its low of $17.32 to its intraday high of $22.69. During that move, shares of WAGE have been consistently making higher lows and higher highs, which is bullish technical price action. That move has now started to push shares of WAGE within range of triggering a near-term breakout trade, which will hit if WAGE manages to take out some near-term overhead resistance levels at $22.59 to $22.69 with high volume.
Traders should now look for long-biased trades in WAGE as long as it's trending above $21.03 and then once it sustains a move or close above those breakout levels with volume that hits near or above 172,272 shares. If that breakout triggers soon, then WAGE will set up to enter new all-time-high territory, above $22.69. Some possible upside targets off that breakout are $24 to $25.
Goodrich Petroleum (GDP) explores, exploits, develops and produces oil and natural gas properties in East Texas and Northwest Louisiana. This stock is trading up 7.6% to $12.84 in recent trading.
Today's Volume: 1.74 million
Average Volume: 1.10 million
Volume % Change: 143%
From a technical perspective, GDP is soaring higher here back above its 200-day moving average of $12.05 with above-average volume. This move is quickly pushing shares of GDP within range of triggering a near-term breakout trade. That trade will hit if GDP manages to take out some near-term overhead resistance levels at $13.84 to $13.95 with high volume.