3 Tech 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.
>>5 Stocks Under $10 Set to Explode SS&C Technologies
SS&C Technologies (SSNC) provides software products and software-enabled services to the financial services industry, mainly in North America. This stock is trading up 6.8% at $24.34 in recent trading.
Today's Volume: 791,000
Average Volume: 133,516
Volume % Change: 852%
From a technical perspective, SSNC is gapping higher here right off its 50-day moving average of $22.80 and back above its 200-day moving average of $23.62 with monster upside volume. This move has started to push shares of SSNC into breakout territory, since the stock has flirted with some near-term overhead resistance at $24.48 to $24.57. At last check, SSNC has hit an intraday high of $24.77 and volume is well above its three-month average action of 133,516 shares.
Traders should now look for long-biased trades in SSNC as long as it's trending above its 200-day at $23.62, and then once it sustains a move or close above $24.77 with volume that hits near or above 133,516 shares. If that breakout triggers, then SSNC will set up to re-test or possibly take out its next major overhead resistance level at $25.50 to $25.84. Any high-volume move above $25.84 will then put $26.21 to $27 into range for shares of SSNC. Ellie Mae
Ellie Mae (ELLI) is an electronic mortgage origination network in the U.S. Its network and the technology-enabled solutions help streamline and automates the mortgage origination process. This stock is trading up 5.7% at $22.08 in recent trading.
Today's Volume: 2.54 million
Average Volume: 693,761
Volume % Change: 464%