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Canadian Solar (
CSIQ) designs, develops, manufactures and sells solar cell and solar module products that convert sunlight into electricity. This stock is trading up 8.5% at $10.23 in recent trading.
Today's Volume: 5.74 million
Average Volume: 1.75 million
Volume % Change: 300%
>>3 Big Stocks on Traders' Radars
From a technical perspective, CSIQ is ripping higher here with heavy upside volume. This stock has been uptrending strong for the last two months and change, with shares soaring from its low of $3.16 to its recent high of $10.65. During that uptrend, shares of CSIQ have been consistently making higher lows and higher highs, which is bullish technical price action. That move has now pushed shares of CSIQ within range of triggering a major breakout trade. That trade will hit if CSIQ manages to take out its 52-week high at $10.65 with high volume.
Traders should now look for long-biased trades in CSIQ as long as it's trending above some key near-term support levels at $9.50 or $8.80 and then once it sustains a move or close above its 52-week high at $10.65 with volume that's near or above 1.75 million shares. If that breakout triggers soon, then CSIQ will set up to enter new 52-week-high territory, which is bullish technical price action. Some possible upside targets off that breakout are $12 to $15, or potentially even $17.
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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