7 Stocks Soaring on Monster 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 .
>>ACTIVE STOCK TRADERS: Check out Stockpickr's special offer for Real Money , headlined by Jim Cramer, now! Tesla Motors
Tesla Motors (TSLA) designs, develops, manufactures and sells electric vehicles and advanced electric vehicle powertrain components. This stock is trading up 5.6% at $33.90 in recent trading.
Today's Volume: 2.1 million
Average Volume: 1.2 million
Volume % Change: 271%
Shares of TSLA are moving notably higher today after an analyst at Goldman Sachs lifted the price target on the stock to $50, citing positive catalysts including the highly-anticipated launch of the Model S sedan.
From a technical perspective , TSLA is gapping up strong here with above average volume. This move is coming after TSLA broke back above both its 50-day and 200-day moving averages just a few trading sessions ago.
Now shares of TSLA are approaching a near-term breakout trade . That trade will hit once TSLA takes out some near-term overhead resistance levels at $34.68 to $35.49 with high volume. That $35.49 level is the gap-down day high for the stock form back in April.
Traders should now look for long-biased trades if TSLA can sustain a move or close above those levels with volume that's near or above 1.2 million shares. If we get that action soon, then TSLA could possibly re-test and take out its all-time high of $39.95. Sodastream
Sodastream(SODA) , along with its subsidiaries, is engaged in developing, manufacturing and marketing home beverage carbonation systems and related products. This stock is trading up 5.3% at $37.31 in recent trading.