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Spirit Aerosystems(SPR - Get Report) is an independent non-aircraft original equipment manufacturer parts designer and manufacturer of commercial aerostructures, as well as an independent supplier to both Boeing and Airbus. This stock is trading up 2.8% at $16.08 in recent trading.
Today's Volume: 3.14 million
Average Volume: 1.55 million
Volume % Change: 289%
From a technical perspective, SPR is bouncing higher here right around some near-term support at $14.34 with monster upside volume. This bounce is coming off of oversold levels, since this stock recently plunged from $22 to $14.34 with heavy volume. That gap down pushed shares of SPR into oversold territory, since its current relative strength index reading is 23.90. This bounce today is now pushing SPR within range of triggering a near-term breakout trade. That trade will hit once SPR takes out its gap down day high of $17.62 with high volume.
Traders should now look for long-biased trades in SPR once it sustains a move or close above $17.62 with volume that hits near or above 1.55 million shares. If that breakout triggers soon, then look for SPIR to re-fill some of that previous gap and potentially trade up towards $19 to $20. It's possible that SPR could hit its 50-day at $22.72 if the bounce is a powerful one.
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.