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4 Stocks Spiking on Unusual Volume

Stocks in this article: MCYINCYLNDCARNA

Mercury General

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Mercury General (MCY) is engaged in writing automobile insurance in a number of states, mainly California. It also writes homeowners, mechanical breakdown, fire, umbrella, and commercial automobile and property insurance. This stock is trading up 1.4% at $39.49 in recent trading.

Today's Volume: 209,000

Average Volume: 233,761

Volume % Change: 65%

From a technical perspective, MCY is moving modestly higher here right above some near-term support at $38.33 with decent volume. This stock has been downtrending for the last month, with shares dropping from its recent high of $42.59 to its low of $38.33. During that move, shares of MCY have been consistently making lower highs and lower lows, which is bearish technical price action.

That said, MCY has started to bounce off that $38.33 low and move within range of triggering a near-term breakout trade. That trade will hit if MCY manages to take out its 200-day at $40.02 and its 50-day at $40.28 and then more resistance at $41 with high volume.

Traders should now look for long-biased trades in MCY as long as it's trending above $38.33, and then once it sustains a move or close above those breakout levels with volume that hits near or above 233,761 shares. If that breakout hits soon, then MCY will set up to re-test or possibly take out its next major overhead resistance levels at $42.59 to $44.05.

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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Follow Stockpickr on Twitter and become a fan on Facebook.

At the time of publication, author had no positions in stocks mentioned.

Roberto Pedone, based out of Windermere, Fla., is an independent trader who focuses on technical analysis for small- and large-cap stocks, options, futures, commodities and currencies. Roberto studied international business at the Milwaukee School of Engineering, and he spent a year overseas studying business in Lubeck, Germany. His work has appeared on financial outlets including CNBC.com and Forbes.com. You can follow Pedone on Twitter at www.twitter.com/zerosum24 or @zerosum24.

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