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7 Stocks Ripping Higher on Unusual Volume

Seagate Technology

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Seagate Technology (STX - Get Report) designs, manufactures, markets and sells hard disk drives. This stock is trading up 3.2% at $33.83 in recent trading.

Today's Volume: 10.4 million

Average Volume: 13.1 million

Volume % Change: 50%

Shares of STX are moving notably higher today after Lizard Capital started coverage on the stock with a $38 price target.

From a technical perspective, STX is ramping higher here with decent volume. This move is coming after a massive run higher, since STX has soared from its June low of $21.62 to today's high of $34.24. This move has also pushed STX into extremely overbought territory, since its current relative strength index reading is 80.20.

Traders should now only look for long-biased trades if STX is trending above its recent breakout level of $32.55 with strong upside volume flows. I would consider any upside volume day that registers near or above 13,080,800 shares as bullish. If STX can hold that trend, then this stock could hit $35 to $40 in near future.

However, considering how overbought STX is, traders might want to look for short-term short trades if that breakout level fails to hold.

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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At the time of publication, 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 website 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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NUAN $16.78 1.70%
PODD $29.32 0.57%
OTEX $45.26 1.70%
STX $50.03 4.50%

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