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2 Tech Stocks Spiking on Big Volume

Take-Two Interactive Software

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Take-Two Interactive Software (TTWO) is a developer, marketer and publisher of interactive entertainment for consumers around the globe. This stock closed up 3.3% at $17.56 in Wednesday's trading session.

Wednesday's Volume: 4.70 million
Three-Month Average Volume: 2.08 million
Volume % Change: 147%

>>5 Rocket Stocks to Buy in August

From a technical perspective, TTWO spiked higher here and broke out above some past overhead resistance levels at $17.35 to $17.54 with above-average volume. Shares of TTWO also flirted with some more resistance at $17.58 and the stock tagged new 52-week highs. At last check, shares of TTWO closed a bit off its intraday high of $17.84 and volume was well above its three-month average action of 2.08 million shares.

Traders should now look for long-biased trades in TTWO as long as it's trending above some support at $16.50 and then once it sustains a move or close above Wednesday's high at $17.84 with volume that hits near or above 2.08 million shares. If we get that move soon, then TTWO will set up to enter new 52-week-high territory, which is bullish technical price action. Some possible upside targets off that move are $20 to $25.

To see more stocks rising on unusual volume, check out the Stocks Rising on Unusual Volume portfolio on Stockpickr.

-- Written by Roberto Pedone in Delafield, Wis.

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Stock quotes in this article: POWI, TTWO 

At the time of publication, author had no positions in stocks mentioned.

Roberto Pedone, based out of Delafield, Wis., is an independent trader who focuses on technical analysis for small- and large-cap stocks, options, futures, commodities and currencies. Roberto studied international business at the Milwaukee School of Engineering, and he spent a year overseas studying business in Lubeck, Germany. His work has appeared on financial outlets including CNBC.com and Forbes.com. You can follow Pedone on Twitter at www.twitter.com/zerosum24 or @zerosum24.

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