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Molycorp(MCP - Get Report) is a rare earth oxide producer in the Western hemisphere. This stock is trading up 4.3% at $11.56 in recent trading.
Today's Volume: 7.3 million
Average Volume: 5 million
Volume % Change: 228%
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From a technical perspective, MCP is ripping higher here with monster upside volume. This move is quickly pushing MCP within range of triggering a near-term breakout trade. That trade will hit once MCP takes out some near-term overhead resistance levels at $12.54 to $13.20 with high volume.
Traders should now look for long-biased trades in MCP if it can hold its near-term support levels at $11 to $10.88, and then once it sustains a move or close above $12.54 to $13.20 with volume that's near or above 5 million shares. At last check, MCP has hit an intraday high of $11.86 and volume is well above its three-month average action. If that breakout triggers soon, then MCP will have a great chance to re-fill its previous gap and potentially hit its next significant overhead resistance levels at $16 to $18.
Molycorp was also recently featured in "
4 Hot Stocks to Trade (or Not)."