Today's Volume: 1.02 million
Average Volume: 680,822
Volume % Change: 196%
From a technical perspective, E is trending higher here right above its 50-day moving average at $46.30 with above-average volume. This stock has been moving sideways for the last month and change, with shares moving between $48.11 on the upside and $44.76 on the downside. This move today is quickly pushing shares of E within range of breaking out above the upper-end of its recent sideways trading chart pattern. That breakout will hit if E manages to take out some near-term overhead resistance levels at $47.62 to $47.77 and then once it clears more resistance at $48.11 with high volume.
Traders should now look for long-biased trades in E as long as it's trending above its 50-day at $46.30 and then once it sustains a move or close above those breakout levels with volume that hits near or above 680,822 shares. If that breakout hits soon, then E will set up to re-test or possibly take out its next major overhead resistance levels at $52 to $52.27.
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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