7 Stocks Spiking on Monster Volume

Allscripts Healthcare Solutions

Allscripts Healthcare Solutions (MDRX) is a provider of clinical, financial, connectivity and information solutions and related professional services to hospitals, physicians and post-acute organizations. This stock is trading up 4.5% at $10.77 in recent trading.

Today's Volume: 13.7 million

Average Volume: 4.3 million

Volume % Change: 418%

Shares of MDRX are soaring today after the company named Dennis Chookaszian as its new chairman, and announced it increased its stock repurchase authorization to $400 million.

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From a technical perspective, MDRX is bouncing sharply higher here after the stock just recently plunged from $16 to a low of $8.99 on monster volume. Basically what we have here is an oversold bounce since the relative strength index reading for MDRX is 17.74.

Traders should continue to look for an oversold bounce in MDRX as long as this stock is trending above its gap-down day high of $10.51 with strong upside volume flows. I would consider upside volume that's near or well above 4.3 million shares as bullish. As long as MDRX is trending above $10.51 with strong volume, then this stock can continue to fill that massive gap-down.

I would avoid MDRX if its trending below that gap-down day high or below today's low of $10.16 with heavy volume.

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