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Mosaic(MOS - Get Report) produces and markets concentrated phosphate and potash crop nutrients for the global agriculture industry. This stock is trading up 3.1% at $58.54 in recent trading.
Today's Volume: 5.56 million
Average Volume: 2.87 million
Volume % Change: 175%
Shares of MOS are trending higher today due to its second quarter profit that beat Wall Street estimates after North American sales helped potash volumes exceed its own forecast.
From a technical perspective, MOS bouncing higher here right above some near-term support levels at $55 to $56 with monster upside volume. This stock has been uptrending strongly for the last month and change, with shares soaring from its recent low of $48.29 to its high of $59.19. During that move, shares of MOS have been consistently making higher lows and higher highs, which is bullish technical price action. That move has now pushed MOS within range of triggering a near-term breakout trade. That trade will hit if MOS manages to take out some near-term overhead resistance at $59.19 with high volume.
Traders should now look for long-biased trades in MOS as long as it's trending above $56, and then once it sustains a move or close above $59.19 with volume that hits near or above 2.87 million shares. If that breakout triggers soon, then MOS will set up to re-test or possibly take out its next major overhead resistance levels at $60.85 to $61.98. Any high-volume move above $61.98 would then push MOS into new 52-week 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.