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8 Stocks Ripping Higher on Big Volume

Canadian National Railway

Canadian National Railway (CNI - Get Report) is engaged in the rail and related transportation business. Canadian National Railway manages its rail operations in Canada and the U.S. This stock is trading up 1.2% at $89.20 in recent trading.

Today's Volume: 660,000

Average Volume: 532,780

Volume % Change: 107%

From a technical perspective, CNI is bouncing modestly to the upside here right off some near-term support at $88 with above-average volume. This move is quickly pushing CNI within range of triggering a near-term breakout trade. That trade will hit once CNI manages to clear its 50-day moving average of $89.84 with high volume.

Traders should now look for long-biased trades in CNI as long as it's trending above $88, and then once it sustains a move or close above $89.84 with volume that's near or above 532,780 shares. If that breakout triggers soon, then CNI will have a great chance of re-testing or possibly taking out its next major overhead resistance levels at $92 to $94.83.

On the flip side, I would avoid CNI or look for short-biased trades if it fails to trigger that move, and then drops back below some key near-term support at $88.02 with high volume.

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SYM TRADE IT LAST %CHG
CLH $56.34 0.00%
CNI $59.36 0.00%
MM $1.67 0.00%
RKT $65.14 0.00%
TIVO $10.53 0.00%

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