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Patrick Industries(PATK) is a manufacturer and distributor of building products and materials to the recreational vehicle and manufactured housing industries. In addition, it is a supplier to certain other industrial markets, such as kitchen cabinet, household furniture, fixtures and commercial furnishings, marine, and other industrial markets. This stock is trading up 14% at $13.05 in recent trading.
Today's Volume: 369,000
Average Volume: 109,102
Volume % Change: 442%
From a technical perspective, PATK is running sharply higher here and continue on its big-time gap-up momentum from yesterday. This move is quickly pushing PATK within range of triggering a major near-term breakout trade. That trade will hit once PATK takes out some near-term overhead resistance at $13.30 with high-volume.
Traders should now look for long-biased trades if PATK can sustain a move or close over $13.30 with volume that's near or above 109,102 shares. If we get that action soon, look for PATK to continue its trend higher towards $15 to $17 in the near future. Traders should avoid this stock or look for short-biased trades if PATK moves back below its gap-up day low of $10.50 with heavy volume, or even below today-s low of $11.30.
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.