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First Majestic Silver (
AG) is engaged in production, development, exploration and acquisition of mineral properties with a focus on silver production in Mexico. This stock closed up 4.1% at $12.76 in Friday's trading session.
Friday's Volume: 1.61 million
Three-Month Average Volume: 1.22 million
Volume % Change: 65%
From a technical perspective, AG trended higher here right above its 50-day moving average of $11.50 and right above some near-term support at $11.35 with above-average volume. This move is quickly pushing shares of AG within range of triggering a major breakout trade. That trade will hit if AG manages to take out some near-term overhead resistance at $13.50 to $13.97 with high volume.
Traders should now look for long-biased trades in AG as long as it's trending above its 50-day at $11.50 or above more support at $11.35 and then once it sustains a move or close above those breakout levels with volume that's near or above 1.22 million shares. If that breakout hits soon, then AG will set up to re-test or possibly take out its 200-day moving average at $16.02 to $17.21.
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.