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Assured Guaranty (
AGO) provides credit enhancement products to the public finance, structured finance and mortgage markets. This stock is trading up 5.6% to $22 in recent trading.
Today's Volume: 3.61 million
Average Volume: 2.06 million
Volume % Change: 158%
Shares of AGO are trending higher here after the company said it will be paid $358 million by UBS AG to settle a lawsuit that accused the bank of falsely representing the quality of the loans underlying $1.49 million of mortgage-backed securities.
From a technical perspective, shares of AGO are breaking out here above some near-term overhead resistance levels at $20.79 to $21.30 with heavy upside volume. This move has pushed shares of AGO into new 52-week-high territory, which is bullish technical price action.
Traders should now look for long-biased trades in AGO as long as it's trending above those near-term breakout levels or above today's low of $21.21, and then once it sustains a move or close above its 52-week high at $22.46 with volume that hits near or above 2.06 million shares. If AGO can sustain this move, then this stock will set up to re-test or possibly take out its next major overhead resistance levels at $25 to $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.