Pandora Media (
P) provides internet radio services in USA. It has 175 million registered users. This stock closed up 5.3% at $26.89 in Wednesday's trading session.
Wednesday's Volume: 20 million
Three-Month Average Volume: 9.58 million
Volume % Change: 250%
>>5 Stocks Poised for Breakouts
From a technical perspective, P ripped sharply higher here right off some near-term support at $25 with monster upside volume. This move pushed shares of P into breakout territory, since the stock took out some near-term overhead resistance at $25.85. Shares of P are now quickly moving within range of triggering another big breakout trade. That trade will hit if P manages to take out its all-time high at $27.50 with high volume.
Traders should now look for long-biased trades in P as long as it's trending above $25 and then once it sustains a move or close above $27.50 with volume that's near or above 9.58 million shares. If that breakout hits soon, then P will set up to enter new all-time high territory, which is bullish technical price action. Some possible upside targets off that breakout are $30 to $33.
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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