7 Stocks Rising 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.
Turkcell (TKC) is a provider of mobile communications services in Turkey. This stock is trading up 6.3% at $14.82 in recent trading.
Today's Volume: 1.1 million
Average Volume: 512,700
Volume % Change: 346%
From a technical perspective, TKC is gapping up strong here with heavy volume. This move has pushed TKC into breakout territory, since shares have moved above some near-term overhead resistance levels at $14.33 to $14.36.
Traders should now look for long-biased trades in TKC as long as it can hold its trend above $13.70 with strong upside volume flows. I would consider any upside volume day that registers near or above 512,700 shares as bullish. If TKC can hold that trend, then this stock has a great chance of re-testing or possibly taking out its next major overhead resistance levels at $15.75 to $16.84. Molycorp
Molycorp (MCP) is a rare earth oxide producer in the Western hemisphere. This stock is trading up 4.3% at $11.56 in recent trading.
Today's Volume: 7.3 million
Average Volume: 5 million
Volume % Change: 228%
From a technical perspective, MCP is ripping higher here with monster upside volume. This move is quickly pushing MCP within range of triggering a near-term breakout trade. That trade will hit once MCP takes out some near-term overhead resistance levels at $12.54 to $13.20 with high volume.
Traders should now look for long-biased trades in MCP if it can hold its near-term support levels at $11 to $10.88, and then once it sustains a move or close above $12.54 to $13.20 with volume that's near or above 5 million shares. At last check, MCP has hit an intraday high of $11.86 and volume is well above its three-month average action. If that breakout triggers soon, then MCP will have a great chance to re-fill its previous gap and potentially hit its next significant overhead resistance levels at $16 to $18.