3 Tech Stocks Spiking 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.
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First Solar (FSLR) designs, manufactures and sells solar electric power modules using a proprietary thin film semiconductor technology. This stock is trading up 5.8% at $32.16 in recent trading.
Today's Volume: 4.60 million
Average Volume: 4.19 million
Volume % Change: 58%
From a technical perspective, FSLR is ripping higher here right off its 50-day moving average of $30.62 with above-average volume. This move is quickly pushing shares of FSLR within range of triggering a near-term breakout trade. That trade will hit if FSLR manages to take out some near-term overhead resistance levels at $31.99 to $32.65 with high volume. At last check, FSLR has hit an intraday high of $32.47 and volume is above its three-month average action of 4.19 million shares.
Traders should now look for long-biased trades in FSLR as long as it's trending above its 50-day at $30.62, and then once it sustains a move or close above those breakout levels with volume that hits near or above 4.19 million shares. If that breakout triggers soon, then FSLR will set up to re-test or possibly take out its next major overhead resistance level at $35.60. SouFun Holdings
SouFun Holdings (SFUN) operates a real estate Internet portal in China, as well as a home furnishing and improvement Web site. This stock is trading up 4.9% at $27.43 in recent trading.
Today's Volume: 363,000
Average Volume: 313,948
Volume % Change: 93%
Shares of SFUN are spiking higher today after the company reported adjusted net income of 79 cents per share, topping Wall Street analyst estimates of 62 cents per share, while revenue of $147.7 million beat the forecast for $138.29 million.