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4 Stocks Spiking on Unusual Volume

Impax Laboratories

Impax Laboratories (IPXL - Get Report) is a technology-based specialty pharmaceutical company focused on the development and commercialization of bioequivalent and brand-name pharmaceuticals, utilizing its controlled-release and other in-house development. This stock closed up 6.5% at $15.77 on Wednesday.

Wednsday's Volume: 3.68 million

Average Volume: 829,878

Volume % Change: 307%

From a technical perspective, IPXL jumped higher here off its 52-week low of $14.41 with massive upside volume. This stock recently gapped down from around $20 to $14.48 with heavy downside volume. That move has now pushed shares of IPXL into oversold territory, since its relative strength index has a current reading of 26.46. Oversold can always get more oversold, but it's also an area where a stock can experience a powerful bounce higher from.

Traders should now look for long-biased trades in IPXL as long as it's trending above its gap down day high of $15.48 and then once it sustains a move or close above Wednesday high of $15.78 with volume that hits near or above 829,878 shares. If that move triggers soon, then IPXL will set up to re-fill some of its recent gap down zone that started near $20. Some possible targets if IPXL gets into that gap with volume are $17 to $18.

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.


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 and . You can follow Pedone on Twitter at or @zerosum24.
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