YPF Sociedad Anonima

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YPF Sociedad Anonima ( YPF) is an integrated oil and gas company. This stock closed up 5.6% at $17.19 on Wednesday.

Wednesday's Volume: 2.64 million
Average Volume: 579,942
Volume % Change: 370%

Shares of YPF trended up on Wednesday after Chevron ( CVX) agreed to invest an initial $1.24 billion to develop a shale gas field owned by YPF. This is the first agreement signed by YPF since the Argentine government seized Repsol's 51% stake in May 2013.

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From a technical perspective, YPF spiked higher here right above some near-term support at $16 with monster upside volume. This stock has been uptrending strong for the last three months, with shares moving higher from its low of $12.11 to its intraday high of $17.20. During that move, shares of YPF have been mostly making higher lows and higher highs, which is bullish technical price action. That move is now pushing shares of YPF within range of triggering a major breakout trade. That trade will hit if YPF manages to take out some past overhead resistance at $17.89 with high volume.

Traders should now look for long-biased trades in YPF as long as it's trending above $16 or above $15.60 and then once it sustains a move or close above $17.89 with volume that's near or above 579,942 shares. If that breakout hits soon, then YPF will set up to re-test or possibly take out its next major overhead resistance levels at $22.50 to $25.

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.


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

Roberto Pedone, based out of Delafield, Wis., 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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