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Rex Energy(REXX - Get Report) is an independent oil and gas company operating in the Appalachian Basin and Illinois Basin. In the Appalachian Basin, the company is focused on its Marcellus Shale drilling projects and Utica Shale and Upper Devonian Shale exploration activities. This stock is trading up 6.4% at $13.30 in recent trading.
Today's Volume: 1.7 million
Average Volume: 992,636
Volume % Change: 208%
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From a technical perspective, REXX is bouncing strong here with heavy volume right near some previous support levels at $12.50 to $12. This move has pushed REXX into breakout territory, since the stock has started to move above some near-term overhead resistance at $13.25.
Traders should now look for long-biased trades as long as REXX is trending above $12.80 to $13.25 with high volume. Look for volume that's near or above its three-month average action of 992,636 shares. If REXX can manage to hold its breakout above $13.25, then this stock will have a great chance of re-testing and possibly taking out its next major overhead resistance levels at $15 to $15.89.