United Rentals

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United Rentals ( URI) is an equipment rental company whose network consists of 529 rental locations in the U.S., Canada and Mexico. This stock closed up 10.5% at $56.37 on Wednesday.

Wednesday's Volume: 8.50 million
Average Volume: 2.27 million
Volume % Change: 290%

Shares of URI skyrocketed higher on Wednesday after the company reported earnings of $1.12 per share for its second quarter, which was 11 cents above Wall Street's estimates.

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From a technical perspective, URI exploded higher here right off its 50-day moving average of $53.33 with monster upside volume. This move punched shares of URI into breakout territory, since the stock cleared some near-term overhead resistance at $53.94. Shares of URI are now quickly moving within range of triggering another major breakout trade. That trade will hit if URI manages to take out some near-term overhead resistance level at $58.03 to its 52-week high at $59.74 with high volume.

Traders should now look for long-biased trades in URI as long as it's trending above $55 or $54 and then once it sustains a move or close above those breakout levels with volume that's near or above 2.27 million shares. If that breakout hits soon, then URI will set up to trend well north of $60 as the stock enters new 52-week-high territory.

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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