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Alon USA Energy(ALJ - Get Report) is an independent refiner and marketer of petroleum products operating primarily in the South Central, Southwestern and Western regions of the U.S. This stock is trading up 4.7% at $14.29 in recent trading.
Today's Volume: 1.8 million
Average Volume: 367,603
Volume % Change: 969%
>>5 Stocks Poised for Breakouts
From a technical perspective, ALJ is bouncing sharply to the upside here right off some near-term support at $13.50 with monster volume. This move has started to push ALJ into breakout territory, since the stock is moving above some near-term overhead resistance at $14.21. In fact, ALJ has now hit a new 52-week high today at $14.45.
Traders should continue to look for long-biased trades in ALJ as long as it's trending above $13.38 with strong upside volume flows. I would consider any upside volume day that registers near or above 367,603 shares as bullish. If ALJ can hold this trend, then this stock has a great chance of re-testing or possibly taking out its next major overhead resistance level at $15.21.