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7 Stocks Moving Higher on Unusual Volume

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Pharmacyclics (PCYC)

This is a clinical-stage biopharmaceutical company focused on developing and commercializing small-molecule drugs for the treatment of cancer and immune mediated diseases. This stock is trading up 5.8% at $32.24 in recent trading.

Today's Volume: 707,000

Average Volume: 645,466

Volume % Change: 50%

From a technical perspective, PCYC is ripping higher here in a weak tape on above average volume. This move is coming off some near-term support at $30.06, and it's quickly pushing PCYC within range of a major breakout trade. That trade will hit once PCYC takes out some near-term overhead resistance at $33.24 with high-volume.

Traders should now look for long-biased trades once PCYC sustains a move or close over $33.24 with volume that's near or above 645,466 shares. If we get that move soon, then look for PCYC to tag $37 to $40 in the near future. Keep in mind, that those targets will only have a chance of being hit if PCYC is trending above $33.24 with strong upside volume flows.

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.

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This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.

At the time of publication, the author had no positions in stocks mentioned.

Roberto Pedone, based out of Windermere, Fla., is an independent trader who focuses on stocks, options, futures, commodities and currencies. He is also an outside contributor to Beconequity.com and maintains the Web site Maddmoney.net, which he sold to Blue Wave Advisors in 2008. Roberto studied International Business at The Milwaukee School of Engineering, and he spent a year overseas studying business in Lubeck, Germany.

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