5 Stocks Soaring on Big Volume

Ellie Mae

Ellie Mae (ELLI) is an electronic mortgage origination network in the U.S. whose network and the technology-enabled solutions help streamline and automates the mortgage origination process. This stock closed up 0.54% at $27.90 on Wednesday.

Wednesday Volume: 1.50 million

Average Volume: 622,976

Volume % Change: 180%

From a technical perspective, ELLI bounced higher Wednesday right off some near-term support at $27 with above-average volume. This move briefly pushed shares of ELLI into breakout territory, since the stock challenged some near-term overhead resistance levels at $28.86 to $30.40. Shares of ELLI hit an intraday high of $30.59 and volume was well above its three-month average action of 622,976 shares.

Traders should now look for long-biased trades in ELLI as long as it's trending above $27 to $26.26, and then once it sustains a move or close above $30.40 to $30.59 with volume that hits near or above 622,976 shares. If ELLI clears those levels soon, then this stock will set up to enter new 52-week high territory above $30.59. Some possible upside targets off that move are $33 to $35 in the near future.

On Assignment

On Assignment (ASGN), a global provider of highly skilled, hard-to-find professionals in the growing life sciences, health care and technology sectors, closed up 8.4% at $22 on Wednesday.

Wednesday's Volume: 1.02 million

Average Volume: 275,256

Volume % Change: 215%

From a technical perspective, ASGN gapped higher Wednesday right above is 50-day moving average of $19.48 with heavy upside volume. This move pushed shares of ASGN into breakout territory and new 52-week-high territory, since the stock took out some near-term overhead resistance levels at $20.24 to $20.93.

Traders should now look for long-biased trades in ASGN as long as it's trending above Wednesday's low of $21.01 with strong upside volume flows. I would consider any upside volume day that registers near or above its three-month average action of 275,256 shares as bullish. If ASGN can maintain that trend, then this stock will set up to continue on its path into new 52-week high territory above $22.05. Some possible upside targets off any move above $22.05 are $25 to $27 in the near future.

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