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5 Stocks Soaring on Big Volume

Average Volume: 1.79 million

Volume % Change: 169%

From a technical perspective, TIF trended higher Wednesday right above some near-term support at $56 with above-average volume. This move is quickly pushing TIF within range of triggering a near-term breakout trade. That trade will hit if TIF manages to clear its 200-day moving average at $60.13 and its 50-day moving average at $60.35 with high volume.

Traders should now look for long-biased trades in TIF as long as it's trending above $57, and then once it sustains a move or close above those breakout levels with volume that hits near or above 1.79 million shares. If that breakout hits soon, then TIF will set up to re-test or possibly take out its next major overhead resistance levels at $62 to $63.90.

Keep in mind that any move above $60 will mean that shares of TIF have started to trade into its previous gap down zone from December that started at $63.90.

Molycorp

Molycorp (MCP) is a rare earth oxide producer in the Western Hemisphere. The company owns fully developed rare earth project outside of China. This stock closed up 10% at $10.39 on Wednesday.

Wednesday's Volume: 19.97 million

Average Volume: 6.93 million

Volume % Change: 150%

Shares of MCP exploded higher Wednesday after Bloomberg.com said the company could be a takeover target.

From a technical perspective, MCP gapped sharply higher right off its 50-day moving average of $9.25 with monster upside volume. That move is quickly pushing shares of MCP within range of triggering a major breakout trade. That trade will hit if MCP manages to clear some near-term overhead resistance levels at $11.75 to $11.89 with high volume.

Traders should now look for long-biased trades in MCP as long as it's trending above its 50-day at $9.25, and then once it sustains a move or close above those breakout levels with volume that hits near or above 6.93 million shares. If that breakout hits soon, then MCP will set up to re-test or possibly take out its next major overhead resistance levels at $13 to $14.44.

Stock quotes in this article: ASGN, ELLI, MCP, TIF, PGR 

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