4 Stocks Rising on Unusual Volume
HMS Holdings (HMSY) provides health care cost-containment and payment-accuracy services to government-sponsored health programs in the U.S. This stock is trading up 4.6% at $24.82 in recent trading.
Today's Volume: 1.97 million
Average Volume: 812,905
Volume % Change: 221%
From a technical perspective, HMSY is ripping higher here after it broke below some key near-term support at $23.09 and then reversed with above-average volume. This stock has been downtrending badly for the last two months with shares moving lower from its high of $31.93 to its intraday low of $22.23. During that move, shares of HMSY have been consistently making lower highs and lower lows, which is bearish technical price action. That said, shares of HMSY are now rebounding with heavy upside volume and the stock could be ready to reverse its recent downtrend.Traders should now look for long-biased trades in HMSY as long as it's trending above $24 and then once it sustains a move or close above $25 with volume that hits near or above 812,905 shares. If we get that move soon, then HMSY will set up to re-test or possibly take out its next major overhead resistance levels at its 50-day of $27.59 or its 200-day at $28.65. To see more stocks rising on unusual volume, check out the Stocks Rising on Unusual Volume portfolio on Stockpickr. -- Written by Roberto Pedone in Madison, Wis.
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