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TheStreet Open House

4 Stocks Spiking on Unusual Volume

Traders should now look for long-biased trades in CHK as long as it's trending above today's low of $19.90, and then once it sustains a move or close above $21.55 with volume that hits near or above 13.47 million shares. If that breakout triggers soon, then CHK will set up to re-test or possibly take out its next major overhead resistance levels at $24 to $25.72.

Silgan

Silgan (SLGN) is a manufacturer of metal and plastic consumer goods packaging products. This stock closed up 1.7% at $42.75 on Wednesday.

Wednesday's Volume: 1.06 million

Average Volume: 234,736

Volume % Change: 318%

Shares of SLGN moved higher after the company reported record adjusted net income per share of $2.70 and record free cash flow per share that doubled to $4.35.

From a technical perspective, SLGN trended higher and back above its 200-day moving average of $42.65 with above-average volume. This move briefly pushed SLGN into breakout territory, since the stock cleared its 50-day moving average at $42.98 and since it took out some near-term overhead resistance levels at $43.30 to $43.34.

SLGN closed below all of those levels but above its daily low of $42.01. Shares of SLGN are starting to move within range of triggering another breakout trade. That trade will hit if SLGN manages to take out today's high of $44.34 and then some more overhead resistance levels at $45.05 to $45.07 with high volume.

Traders should now look for long-biased trades in SLGN as long as it's trending above its 200-day at $42.65, and then once it sustains a move or close above those breakout levels with volume that hits near or above 234,736 shares. If that breakout triggers soon, then SLGN will set up to re-test or possibly take out its next major overhead resistance level at $46.

Approach Resources

Approach Resources (AREX) is an independent energy company engaged in the exploration, development, production and acquisition of unconventional natural gas and oil properties in the U.S. and British Columbia. This stock closed up 3.5% at $26.61 on Wednesday.

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