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Millennial Media(MM) provides mobile advertising solutions worldwide. This stock is trading up 6% at $12.98 in recent trading.
Today's Volume: 631,000
Average Volume: 418,053
Volume % Change: 140%
technical perspective, MM is bouncing strong here right near its 50-day moving average of $11.43 with heavy volume. This move has also pushed MM into breakout territory, since the stock has moved above some near-term overhead resistance at $11.99.
Traders should now look for long-biased trades in MM as long as it's trending above $11.99 with strong upside volume flows. I would consider any upside volume day that registers near or above 418,053 shares as bullish. If MM can hold that trend, then this stock has an excellent chance of re-testing or possibly taking out its next major overhead resistance levels at $14.20 to $14.30. If those levels then get taken out with volume, look for MM to trend higher toward $16 to $18 in the near future.
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.