Dish Network (DISH - Get Report), together with its subsidiaries, offers direct broadcast satellite subscription television services in the U.S. This stock closed up 4.6% at $56.63 in Wednesday's trading session.
Wednesday's Volume: 9.46 million
Three-Month Average Volume: 2.54 million
Volume % Change: 247%
From a technical perspective, DISH spiked sharply higher here right off its 50-day moving average of $54.36 with strong upside volume. This move is quickly pushing shares of DISH within range of triggering a big breakout trade. That trade will hit if DISH manages to take out some near-term overhead resistance levels at $57.57 to its 52-week high at $58.55 with high volume.
Traders should now look for long-biased trades in DISH as long as it's trending above its 50-day at $54.36 or above $53 and then once it sustains a move or close above those breakout levels with volume that hits near or above 2.54 million shares. If that breakout hits soon, then DISH will set up to enter new 52-week-high territory, which is bullish technical price action. Some possible upside targets off that breakout are $65 to $70.
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.