5 Stocks Rising on Unusual 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.
Randgold Resources (GOLD) carries out exploration and gold mining activities, with three operating mines in Mali, West Africa: the Morila gold mine, the Loulo mine complex and the Gounkoto mine. This stock is trading up 3% at $98.53 in recent trading.
Today's Volume: 679,000
Average Volume: 509,376
Volume % Change: 124%
From a technical perspective, GOLD is gapping higher here with above-average volume and flirting with both its 50-day at $98.87 and its 200-day at $98.90. At last check, GOLD has hit an intraday high of $100.78 and volume is well above its three-month average action of 509,376 shares. This move is quickly pushing shares of GOLD within range of triggering a near-term breakout trade. That trade will hit if GOLD manages to take out some near-term overhead resistance at $102.02 with high volume.