DELAFIELD, Wis. ( Stockpickr) -- Professional traders running mutual funds and hedge funds don't just look at a stock's price moves; they also track big changes in volume activity. Often when above-average volume moves into an equity, it precedes a large spike in volatility.>>5 Hated Earnings Stocks You Should Love
Three-Month Average Volume: 1.38 million
Volume % Change: 278% From a technical perspective, RRC spiked higher here back above both its 200-day at $76.27 and its 50-day at $76.96 with above-average volume. This stock recently formed a double bottom chart pattern at $72.54 to $72.69. Following that bottom, shares of RRC have now started to trend higher and move within range of triggering a big breakout trade. That trade will hit if RRC manages to take out Wednesday's high of $79.45 and some more near-term overhead resistance at $81.42 with high volume. Traders should now look for long-biased trades in RRC as long as it's trending above its 200-day at $76.27 or above Wednesday's low of $75.72 and then once it sustains a move or close above those breakout levels with volume that this near or above 1.38 million shares. If that breakout hits soon, then RRC will set up to re-test or possibly take out its 52-week high at $85.23. Any high-volume move above that level will then give RRC a chance to tag $90.