This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration. Need a new registration confirmation email? Click here
Mercury General(MCY - Get Report) 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.