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DXP Enterprises(DXPE) is engaged in the business of distributing maintenance, repair and operating products, equipment and service to industrial customers. This stock is trading up 2% at $41.24 in recent trading.
Today's Volume: 115,000
Average Volume: 86,161
Volume % Change: 134%
Shares of DXPE are moving slightly higher today after Capstone Investments initiated the stock with a buy rating.
From a technical perspective, DXPE is bouncing notably today right off its 50-day moving average of $40.23 with above average volume. This move is coming right after DXPE recently formed a double top at $45.73 to $45.90, and then sold off with heavy volume to its recent low of $39.76. That high-volume selloff was a bearish technical move, but if DXPE can continue to tend above its 50-day then it could recapture its bullish trend.
Traders should only consider long-biased trades in DXPE if this stock is trending above its 50-day with strong upside volume flows. If DXPE can manage to close near its daily highs today, then the stock could make a run at $44 in the near-term.
To see more stocks rising on unusual volume, check out the
Stocks Rising On Unusual Volume portfolio on Stockpickr.
-- Written by Roberto Pedone in Winderemere, Fla.