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4 Stocks Spiking on Unusual Volume

Impax Laboratories

Impax Laboratories (IPXL) 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.

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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 CNBC.com and Forbes.com. You can follow Pedone on Twitter at www.twitter.com/zerosum24 or @zerosum24.

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