CVR Energy (CVI) is engaged in petroleum refining and nitrogen fertilizer manufacturing industries through its holdings. This stock closed up 1.3% at $40.03 in Monday's trading session.
Monday's Volume: 1.11 million
Three-Month Average Volume: 553,164
Volume % Change: 125%
From a technical perspective, CVI trended modestly higher here with above-average volume. This move briefly pushed shares of CVI into breakout territory, since the stock flirted with some near-term overhead resistance at $41.19. Shares of CVI closed off its intraday high of $41.29 to $40.03. Market players should now look for a continuation move higher in the short-term if CVI can manage to take out Monday's high of $41.29 with high volume.Traders should now look for long-biased trades in CVI as long as it's trending above Monday's low of $39.45 or above $38, and then once it sustains a move or close above $41.29 with volume that's near or above 553,164 shares. If we get that move soon, then CVI will set up to re-test or possibly take out its next major overhead resistance levels at its 200-day moving average of $44.44 to $45. Any high-volume move above those levels will then give CVI a chance to tag $47 to $48. 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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