Traders should now look for long-biased trades in MYRG as long as it's trending above its 50-day at $20.47, and then once it sustains a move or close above $21.73 to $21.81 with volume that hits near or above 138,865 shares. If that breakout triggers soon, then MYRG will set up to re-test or possibly take out its next major overhead resistance level at $23.50. Any high-volume move above $23.50 will then put $25 to $26.30 into focus for shares of MYRG.
Memorial Production Partners
(MEMP - Get Report)
This company owns and acquires oil and natural gas properties in North America. Its properties are located in South and East Texas. This stock is trading up 4.9% at $18.47 in recent trading.
Today's Volume: 190,000
Average Volume: 72,069
Volume % Change: 328%
From a technical perspective, MEMP is spiking higher here back above its 200-day moving average of $18.08 with above-average volume. This move is also pushing MEMP into near-term breakout territory, since the stock has started to flirt with some near-term overhead resistance at $18.47. At last check, MEMP has hit an intraday high of $18.98 and volume is well above its three-month average action of 72,069 shares. Shares of MEMP are now moving within range of another major breakout trade. That trade will hit once MEMP manages to take out its 50-day moving average of $19.13 with high volume.
Traders should now look for long-biased trades in MEMP as long as it's trending above its 200-day at $18.08, and then once it sustains a move or close above its 50-day at $19.13 with volume that hits near or above 72,069 shares. If that breakout triggers soon, then MEMP will set up to re-test or possibly take out its next major overhead resistance level at $20.70 to $20.75. Any move above $20.75 will then push MEMP into all-time high territory, which is bullish technical price action.
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.
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