M/I Homes

M/I Homes ( MHO) sells and constructs single-family homes, attached townhomes and condominiums to first-time, move-up, empty-nester and luxury buyers. This stock closed up 3.9% at $24.84 on Wednesday.

Wednesday's Volume: 4.02 million

Average Volume: 457,785

Volume % Change: 818%

Shares of MHO trended higher on Wednesday after the company announced the pricing and upsizing to $75 million aggregate principle amount of its previously announced public offering of convertible senior subordinated notes due 2018. JMP Securities also upgraded the stock to outperform from market perform.

From a technical perspective, MHO spiked higher here and closed right below its 50-day moving average of $25.25 with heavy upside volume. This move pushed shares of MHO into breakout territory, since the stock took out some near-term overhead resistance levels at $23.51 to $23.95. Shares of MHO are now quickly moving within range of triggering another near-term breakout trade. That trade will hit if MHO manages to take out its 50-day at $25.25 with high volume.

Traders should now look for long-biased trades in MHO as long as it's trending above $23.95 or $23.51, and then once it sustains a move or close above its 50-day at $25.25 with volume that hits near or above 475,785 shares. If that breakout triggers soon, then MHO will set up to re-test or possibly take out its next major overhead resistance levels at $28 to $28.86.

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.


Follow Stockpickr on Twitter and become a fan on Facebook.

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.

If you liked this article you might like

Gentherm (THRM) Stock: Weak On High Volume Today

Strong On High Relative Volume: Gentherm (THRM)

Insider Trading Alert - LTBR, THRM And AST Traded By Insiders

Insider Trading Alert - FSIC, THRM And TCX Traded By Insiders

Weak On High Volume: Gentherm (THRM)