7 Stocks Leaping 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.
Magnachip Semiconductor (MX)
This company is a designer and manufacturer of analog and mixed-signal semiconductor products for consumer applications. This stock is trading up 5.8% at $14.07 in recent trading.
Today's Volume: 550,000
Average Volume: 130,929
Volume % Change: 391%
From a technical perspective, MX is ripping higher here right above some near-term support at $12.99 with monster upside volume. This stock has been uptrending strongly for the last two months, with shares soaring from a low of $10.85 to its recent high of $14.28. During that move, shares of MX have been mostly making higher lows and higher highs, which is bullish technical price action. That move has now pushed MX within range of triggering a major breakout trade. That trade will hit once MX clears some near-term overhead resistance levels at $14 to $14.42 with high volume.