Professional investors running mutual funds and hedge funds don't just look at a stock's fundamentals, they also track unusual volume.
Often, when heavy volume hits a stock, it precedes a notable jump in share price. The smart money likes to get in well before a big trend develops, so it's always prudent to scan the market for unusual volume activity across all sectors.
With that in mind, let's take a look at six stocks that are showing up on unusual volume scans.
General Electric Company
- Wednesday's Volume: 41.46 million
- Three-Month Average Volume: 34.25 million
- Volume % Change: 55%
From a technical perspective, General Electric Co. (GE) jumped modestly higher and flirted with its 50-day at $28.52 with above-average volume. This trend higher is starting to push this stock within range of triggering a breakout trade above a key downtrend line.
Traders should look for long-biased trades in GE as long as it's trending above its 20-day at $27.65 and then once it breaks out above resistance levels at $29 to $29.23 and over its 200-day at $29.38 with volume that hits near or above 34.25 million shares. Some possible upside targets off that breakout are $30.25 to $31, or even its 52-week high of $33 a share.