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8 Stocks Ripping Higher on Big Volume

Big 5 Sporting Goods

Big 5 Sporting Goods (BGFV), together with its subsidiaries, operates as a sporting goods retailer in the western U.S. This stock is trading up 7.4% at $9.83 in recent trading.

Today's Volume: 199,000

Average Volume: 89,481

Volume % Change: 369%

Shares of BGFV are soaring today after Piper Jaffray said it will be the biggest beneficiary out of the names it covers from improving economic trends in California. The firm reiterated its overweight rating and $12 price target.

>>5 Stocks Under $10 Set to Soar

From a technical perspective, BGFV is gapping up strongly here with above-average volume above some near-term overhead resistance at $9.42. This high-volume move follows a large upside volume day from Friday that spiked the stock right off some near-term support at $8.

Traders should now look for long-biased trades in BGFV as long as it's trending above $9.42 to $9.50 with strong upside volume flows. Look for a sustained move or close above those levels with volume that hits near or above 89,481 shares. If BGFV can hold that trend, then this stock has a great chance of re-testing or possibly taking out its next significant overhead resistance level at $11.24.

On the flip side, I would avoid BGFV or look for short-biased trades if it fails to hold that trend, and then drops below $8.93 with high volume.

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