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Molycorp(MCP - Get Report) is a development stage company, engages in the production and sale of rare earth oxides in the western hemisphere. This stock is trading up 3.1% at $12.31 in recent trading.
Today's Volume: 8.6 million
Average Volume: 5.8 million
Volume % Change: 229%
>>5 Stocks Under $10 Poised for Breakouts
From a technical perspective, MCP is moving notably higher here with heavy 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 once it sustains a move or close above those breakout levels with volume that's near or above 5,801,000 shares. If that breakout triggers soon, then MCP will have a great chance of re-filing its previous gap from early August that started above $16.
On the flip side, I would avoid MCP or look for short-biased trades if it fails to trigger that breakout and then drops below some major near-term support at $10.72 with high volume.