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Level 3 Communications (
LVLT) is a facilities-based provider of a broad range of integrated communications services. This stock closed up 3.3% to $23.99 on Wednesday.
Wednesday's Volume: 6.56 million
Average Volume: 1.87 million
Volume % Change: 273%
Shares of LVLT soared higher on Wednesday after Keith Meister, managing partner of Corvex Management, discussed the company in a bullish light at the Ira Sohn Investment Conference.
From a technical perspective, LVLT soared higher here and traded into its previous gap-down zone from February with heavy upside volume. That gap was entirely filled, and shares of LVLT are now quickly moving within range of triggering another major breakout trade. That trade will hit if LVLT manages to take out some past overhead resistance levels at $25.26 to $25.62 with high volume.
Traders should now look for long-biased trades in LVLT as long as it's trending above Wednesday's low of $23.02 and then once it sustains a move or close above those breakout levels with volume that hits near or above 1.87 million shares. If that breakout triggers soon, then LVLT will set up to re-test or possibly take out its next major overhead resistance levels at $28 to $32.
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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