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Impac Mortgage Holdings(IMH - Get Report) focuses on mortgage and real estate services. This stock closed up 5.9% at $10.80 on Tuesday.
Tuesday's Volume: 262,289
Average Volume: 140,057
Volume % Change: 87%
>>5 Big Trades in the Financial Sector
From a technical perspective, IMH bounced strong here right off some near-term support at $9.65 with above-average volume. This stock has been uptrending very strong for the last two months and change, with shares soaring from under $3 to its recent high of $11.94. During that uptrend, shares of IMH have been consistently making higher lows and higher highs, which is bullish technical price action. That move has now pushed IMH within range of triggering a major breakout trade. That trade will hit once IMH manages to take out some near-term overhead resistance at $11.94 with high volume.
Traders should now look for long-biased trades in IMH as long as it's trending above $9.65, and then once it takes out $11.94 with volume that registers near or above 136,029 shares. If that breakout triggers soon, then look for IMH to trend up towards $15 or higher 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.