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InterDigital ( IDCC) designs and develops advanced technologies, which enable wireless communications and monetizes such technologies through licensing and other revenue opportunities. This stock is trading up 3.3% at $34.45 in recent trading.

Today's Volume: 537,000

Average Volume: 1 million

Volume % Change: 50%

Shares of IDCC are moving notably higher today off the news that AOL ( AOL) closed a deal to sell Microsoft over $1 billion in patents

From a technical perspective, IDCC is bouncing off of some near-term support at $33.42 with decent volume. That said, IDCC is still trading below both its 50-day and 200-day moving averages, which is bearish.

Traders should only look for long-biased trades in IDCC if this stock can manage to close near its daily highs today with strong volume. Look for volume that's near or well above 1 million shares. If we get that action, then it's possibly that IDCC could make a run at its 50-day moving average of $37.23 in the near-term. Any long trades should be avoided if IDCC takes out today's low of $34.09 with heavy volume.

InterDigital is one of John Paulson's top holdings, as of the most recently reported quarter.

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