Barnes & Noble

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Barnes & Noble ( BKS) is engaged in sale of trade books, mass market paperbacks, children's books, bargain books, magazines, gift, music and movies direct to customers. This stock is trading up 9.9% at $14.85 in recent trading.

Today's Volume: 4.97 million

Average Volume: 1.46 million

Volume % Change: 440%

Shares of BKS are soaring higher today after the company said it received a proposal from founder, largest shareholder and board chairman Leonard Riggio to buy its retail business and that it is evaluating the plan.

From a technical perspective, BKS is gapping sharply higher here back above both its 50-day moving average at $13.96 and its 200-day moving average at $14.49 with heavy upside volume. This move has also pushed shares of BKS into breakout territory, since the stock has taken out some near-term overhead resistance at $14.74. At last check, BKS has hit an intraday high of $15.50 and volume is well above its three-month average action of 1.46 million shares.

Traders should now look for long-biased trades in BKS as long as it's trending above its 200-day at $14.49 or that breakout level at $14.74, and then once it sustains a move or close above its next major breakout levels at $15.50 to $16 with volume that hits near or above 1.46 million shares. If that breakout triggers soon, then BKS will set up to re-test or possibly take out its next major overhead resistance level at $17.27 to $17.68. Any high-volume move above those levels will then put $19 to $19.50 into range for shares of BKS.

To see more stocks rising on unusual volume, check out the Stocks Rising On Unusual Volume portfolio on Stockpickr.

-- Written by Roberto Pedone in Winderemere, Fla.

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At the time of publication, author had no positions in stocks mentioned.

Roberto Pedone, based out of Windermere, Fla., is an independent trader who focuses on technical analysis for small- and large-cap stocks, options, futures, commodities and currencies. Roberto studied international business at the Milwaukee School of Engineering, and he spent a year overseas studying business in Lubeck, Germany. His work has appeared on financial outlets including CNBC.com and Forbes.com. You can follow Pedone on Twitter at www.twitter.com/zerosum24 or @zerosum24.

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