This company is the supplier of methanol to each of the major international markets of North America, Asia Pacific and Europe as well as Latin America. This stock is trading up 1.7% at $33.74 in recent trading.
Today's Volume: 347,000
Average Volume: 202,333
Volume % Change: 178%
From a technical perspective, MEOH is bouncing modestly higher here right above some near-term support at $33 with above-average volume. This stock has been uptrending strongly for the last three months, with shares soaring from its low of $26.40 to its recent high of $33.82. During that move, shares of MEOH have been consistently making higher lows and higher highs, which is bullish technical price action. That move has now pushed MEOH within range of triggering a near-term breakout trade. That trade will hit if MEOH takes out some near-term overhead resistance at $33.82 with high volume.
Traders should now look for long-biased trades in MEOH as long as it's trending above some key near-term support at $32.50, and then once it sustains a move or close above $33.82 with volume that hits near or above 202,333 shares. If that breakout triggers soon, then MEOH will set up to re-test or possibly take out its next major overhead resistance level at $34.88.
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.
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