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TheStreet Open House

7 Stocks Rising on Unusual Volume

Mitcham Industries

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Mitcham Industries (MIND), through its subsidiaries, engages in the leasing, manufacture, and sale of seismic equipment to the oil and gas industry worldwide. This stock is trading up 1.8% at $20.83 in recent trading

Today's Volume: 176,000 shares

Average Volume: 142,592 shares

Volume % Change: 79%

From a technical standpoint, MIND is trigging a big breakout today now that the stock has started to move above some past overhead resistance of $20.57 on decent volume. Volume today has already eclipsed its three-month average volume of 142,592 shares, which is bullish with the stock breaking out.

Market players should now watch for a sustained move and close above $20.5 to signal that this stock wants to trend higher.

The only cautionary sign for MIND is that the stock now shows a relative strength index (RSI) reading of 79.37. Any reading above 70 on any stock is considered overbought. This doesn't mean that MIND can't climb higher; it just means that if you start bearish action, then the buyers are most likely exhausted.

I featured MIND recently in " 5 Stocks Set to Soar off Strong Earnings."

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