(MHO - Get Report)
sells and constructs single-family homes, attached townhomes and condominiums to first-time, move-up, empty-nester and luxury buyers. This stock closed up 3.9% at $24.84 on Wednesday.
Wednesday's Volume: 4.02 million
Average Volume: 457,785
Volume % Change: 818%
Shares of MHO trended higher on Wednesday after the company announced the pricing and upsizing to $75 million aggregate principle amount of its previously announced public offering of convertible senior subordinated notes due 2018. JMP Securities also upgraded the stock to outperform from market perform.
From a technical perspective, MHO spiked higher here and closed right below its 50-day moving average of $25.25 with heavy upside volume. This move pushed shares of MHO into breakout territory, since the stock took out some near-term overhead resistance levels at $23.51 to $23.95. Shares of MHO are now quickly moving within range of triggering another near-term breakout trade. That trade will hit if MHO manages to take out its 50-day at $25.25 with high volume.
Traders should now look for long-biased trades in MHO as long as it's trending above $23.95 or $23.51, and then once it sustains a move or close above its 50-day at $25.25 with volume that hits near or above 475,785 shares. If that breakout triggers soon, then MHO will set up to re-test or possibly take out its next major overhead resistance levels at $28 to $28.86.
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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