8 Stocks Ripping Higher 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.
This is a national specialty retailer of women's apparel, shoes and accessories sold mainly under the 'Ann Taylor' and 'LOFT' brands. This stock is trading up 7.7% at $34.94 in recent trading.
Today's Volume: 2.42 million
Average Volume: 1.04 million
Volume % Change: 280%
Shares of ANN are soaring today after the company said its net income jumped 26% in the fiscal third quarter on better sales at both Ann Taylor and Ann Taylor Loft stores.
From a technical perspective, ANN is ripping higher here right off some previous support at $32.38 with above-average volume. This move is quickly pushing ANN within range of triggering a near-term breakout trade. That trade will hit once ANN manages to take out its 50-day at $35.63 and then once it clears some more overhead resistance at $36.29 with high volume.