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 Stocks Insiders Love Right Now
Three-Month Average Volume: 206,347
Volume % Change: 115% From a technical perspective, MEG trended higher here with above-average volume. This stock has been uptrending strong for the last month and change, with shares moving higher from its low of $12.61 to its recent high of $20.84. During that uptrend, shares of MEG have been consistently making higher lows and higher highs, which is bullish technical price action. That move has now pushed shares of MEG within range of triggering a near-term breakout trade. That trade will hit if MEG manages to take out its 52-week high at $20.84 with high volume. Traders should now look for long-biased trades in MEG as long as it's trending above some near-term support at $19 or at $18 and then once it sustains a move or close above $20.84 with volume that this near or above 206,347 shares. If that breakout hits soon, then MEG will set up to enter new 52-week high territory, which is bullish technical price action. Some possible upside targets off that breakout are $24 to $25.