Nexstar Broadcasting

Nexstar Broadcasting ( NXST) is a television broadcasting and digital media company engaged in acquisition, development and operation of television stations and interactive community Web sites in medium-sized markets in the U.S. This stock closed up 5.9% at $18.10 on Monday.

Monday's Volume: 817,000

Average Volume: 327,364

Volume % Change: 131%

From a technical perspective, NXST ripped higher here right off some near-term support at $17 with above-average volume. This move has sent shares of NXST into breakout territory, since the stock cleared some near-term overhead resistance and its former 52-week high of $17.50. This move also pushed shares of NXST above the upper end of its recent consolidation pattern between $16 and $17.50.

Traders should now look for long-biased trades in NXST as long as it's trending above today's low of $17.08 or above $16 and then once it sustains a move or close above $17.50 to Monday's intraday high of $18.42 with volume that hits near or above 327,364 shares. If that breakout triggers soon, then NXST will set up to enter new 52-week-high territory above $18.42, which is bullish technical price action. Some possible upside targets off that move are $20 to $22.

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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