7 Stocks Ripping Higher on Unusual Volume

Insulet

Insulet (PODD) is a medical device company. Insulet develops, manufactures and markets an insulin infusion system for people with insulin-dependent diabetes. This stock is trading up 2.5% at $20.61 in recent trading.

Today's Volume: 344,000

Average Volume: 324,781

Volume % Change: 85%

Shares of PODD are ripping higher today after Canaccord Genuity reiterated its buy rating on the stock and issued a $24.50 price target.

From a technical perspective, PODD is moving back above its 50-day moving average of $20.16 with above average volume. This stock has also started to flirt with breaking out, since PODD briefly challenged some near-term overhead resistance at $20.73. At last check, shares of PODD have hit an intraday high of $21.02 but it has since then pulled back near $20.60.

Traders should now look for long-biased trades as long as PODD is trending above its 50-day at $20.16, and then once it breaks out above more resistance at $21.42 to $21.92 with high volume. Look for a sustained move or close above those levels with volume that's near or above 324,781 shares. If that breakout triggers soon, then look for PODD to re-test or possibly take out its next major overhead resistance level at $23.33.

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