Average Volume: 2.42 million
Volume % Change: 198% Shares of NFX are ripping higher here after the company reported first-quarter earnings that beat Wall Street expectations, and said production was higher than forecasted. Net production of 11.7 million barrels of oil equivalent was at the high end of earlier forecasts and above what Wall Street analysts expected. From a technical perspective, NFX is trending higher here right above its recent 52-week low of $19.57 with heavy upside volume. This stock has been downtrending badly for the last two months and change, with shares dropping from its high of $30.50 to its low of $19.57. During that move, shares of NFX have been consistently making lower highs and lower lows, which is bearish technical price action. That said, shares of NFX looked poised to break that downtrend since the stock is breaking out above some near-term overhead resistance at $20.95. Traders should now look for long-biased trades in NFX as long as it's trending above that breakout level of $20.95 with strong upside volume flows. I would consider any upside volume day that registers near or above its three-month average action of 2.42 million shares as bullish. If NFX can maintain that trend, then this stock will set up to re-test or possibly take out its next major overhead resistance levels at $23 to $25. To see more stocks rising on unusual volume, check out the Stocks Rising on Unusual Volume portfolio on Stockpickr.