7 Stocks Rising on Unusual Volume

Today's Volume: 524,000

Average Volume: 174,511

Volume % Change: 439%

From a technical perspective, GEOY is ripping higher here right above its 50-day moving average of $30.99 with above-average volume. This move has solidly pushed shares of GEOY into breakout territory, since the stock has cleared some near-term overhead resistance that sits just above $34. This move has also pushed GEOY into new 52-week high territory, which is bullish technical price action.

Traders should now look for long-biased trades in GEOY as long as it's trending above some past overhead resistance at $37.07 with strong upside volume flows. I would consider any upside volume day that registers near or above its three-month average action of 174,511 shares as bullish. If GEOY can maintain that trend, then this stock will set up to re-test or possibly take out its next major overhead resistance levels at $39.25 to $42.31.

Ligand Pharmaceuticals (LGND)

This company is focused on drug discovery & early-stage development of pharmaceuticals that address critical unmet medical needs or that are more effective or safer than existing therapies, more convenient to administer & are cost effective. This stock is trading up 5.7% at $20.60 in recent trading.

Today's Volume: 234,000

Average Volume: 143,311

Volume % Change: 146%

Shares of LGND are ripping higher today after the company said it has received a milestone payment of 620,000 shares of common stock in newly public partner Retrophin (RTRX).

From a technical perspective, LGND is bouncing higher here right above some near-term support at $19.03 with above-average volume. This stock has been uptrending strongly for the last two months, with shares moving higher from its low of $14.75 to its recent high of $21.75. During that move, shares of LGND have been mostly making higher lows and higher highs, which is bullish technical price action. That move is quickly pushing LGND within range of triggering a major breakout trade. That trade will hit if LGND takes out some near-term overhead resistance levels at $21.50 to $21.75 with high volume.

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