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Impac Mortgage(IMH - Get Report) focuses on mortgage and real estate services including primarily mortgage lending activities and portfolio loss mitigation and real estate service activities, and the management of the long-term mortgage portfolio. This stock is trading up 21% at $12.25 in recent trading.
Today's Volume: 452,000
Average Volume: 163,627
Volume % Change: 577%
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From a technical perspective, IMH is gapping sharply higher here right off some near-term support at $10 with above-average volume. This move has started to push IMH into breakout and 52-week-high territory, since the stock has moved above some near-term overhead resistance levels at $11.57 to $11.94.
Traders should now look for long-biased trades in IMH as long as it's trending above those breakout levels with strong upside volume flows. I would consider any upside volume day that registers near or above its three-month average action of 163,627 shares as bullish. If IMH can maintain that trend, then this stock has a great chance of trending 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.