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Vale (VALE - Get Report) is a Brazil-based metals and mining company. This stock is trading up 7.9% at $18.24 in recent trading.
Today's Volume: 26.4 million
Average Volume: 17 million
Volume % Change: 161%
From a technical perspective, VALE is gapping up big here with monster volume. This move is quickly pushing VALE within range of its 50-day moving average of $18.33.
Traders should now look for long-biased trades in VALE once it breaks out above some overhead resistance levels at $18.33 to $18.40 with high volume. Look for volume off a sustained move or close above those levels that hits near or above 17 million shares. If that breakout triggers soon, then VALE has a great chance of re-testing or possibly taking out its next major overhead resistance levels at $19.25 to $19.78, or possibly even its 200-day moving average of $21.10.
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.