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3 Stocks Soaring on Big Volume

Stocks in this article: ANAPKTMOS

AutoNation

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AutoNation (AN) offers a range of automotive products and services, including new vehicles, used vehicles, parts and automotive repair and maintenance services, and automotive finance and insurance products. This stock is trading up 3.7% at $42.08 in recent trading.

Today's Volume: 1.22 million

Average Volume: 822,910

Volume % Change: 169%

From a technical perspective, AN is ripping higher here back above its 50-day moving average of $40.98 with above-average volume. This stock recently formed a double bottom chart pattern at $38.28 to $38.29. Following that bottom, shares of AN have now ripped back above its 50-day and it's quickly moving within range of triggering a major breakout trade. That trade will hit if AN manages to take out some near-term overhead resistance at $42.30 with high volume.

Traders should now look for long-biased trades in AN as long as it's trending above its 50-day at $40.98, and then once it sustains a move or close above $42.30 with volume that hits near or above 822,910 shares. If that breakout triggers soon, then AN will set up to re-test or possibly take out its next major overhead resistance levels at $44 to $45. Any high-volume move above $45 will then put $47 within range for shares of AN.

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