4 Stocks Spiking on Unusual Volume
Magnachip Semiconductor (MX) is a designer and manufacturer of analog and mixed-signal semiconductor products for consumer applications. This stock is trading up 4.6% at $15.51 in recent trading.
Today's Volume: 3.47 million
Average Volume: 265,353Volume % Change: 2657% Shares of MX are spiking higher today after the company announced the pricing of a secondary offering of 5,000,000 shares of common stock at $14.50 per share. From a technical perspective, MX is ripping higher here right above its 50-day moving average of $14.68 with monster upside volume. This move is quickly pushing shares of MX within range of triggering a major breakout trade. That trade will hit if MX manages to clear some key overhead resistance levels at $16.70 to $16.80 with high volume. Traders should now look for long-biased trades in MX as long as it's trending above its 50-day at $14.68, and then once it sustains a move or close above those breakout levels with volume that hits near or above 265,353 shares. If that breakout triggers soon, then MX will set up to enter new 52-week high territory above $16.80, which is bullish technical price action. Some possible upside targets off that breakout are $18 to $20. Consolidated Graphics Consolidated Graphics (CGX) is a provider of commercial printing services with approximately 70 printing businesses strategically located across 27 states, one Canadian province, and in Prague, the Czech Republic. This stock is trading up 3.5% to $37.91 in recent trading. Today's Volume: 143,000 Average Volume: 59,926 Volume % Change: 271% Shares of CGX are trending higher today after the company beat Wall Street estimates for earnings per share by 48 cents and beat on revenue. From a technical perspective, CGX is gapping higher here with above-average volume. This move has briefly pushed shares of CGX into breakout territory, since the stock has flirted with some near-term overhead resistance at $38.34. At last check, CGX has hit an intraday high of $40 and volume is well above its three-month average action of 59,926 shares.
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