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>>4 Hot Stocks to Trade (or Not)
From a technical perspective, ADNC jumped higher here and broke out above some near-term overhead resistance at $11.83 with above-average volume. This stock has been uptrending strong for the last two months, with shares soaring higher from its low of $9.25 to its intraday high of $12.41. During that uptrend, shares of ADNC have been consistently making higher lows and higher highs, which is bullish technical price action.
Traders should now look for long-biased trades in ADNC as long as it's trending above Wednesday's low of $11.70 or above its 50-day at $10.92 and then once it sustains a move or close above Wednesday's high of $12.41 and its 200-day at $13.01 with volume that hits near or above 178,138 shares. If we get that move soon, then ADNC will set up to re-test or possibly take out its next major overhead resistance levels at $14 to $14.50. Any high-volume move above those levels will then give ADNC a chance to tag $15 to $16.
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.