SM Energy
SM Energy
Someone has fallen in love with SM today. I see no news to justify the spike or high volume. IMO the stock is grossly undervalued by the market, so this may just be a large fund that took a hard look and agrees with my valuation.
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group
Re: SM Energy
SM Energy (SM) is an independent energy company engaged in the acquisition, exploration, development and production of oil, gas and NGLs in onshore North America. This stock is trading up 4.5% to $61.62 in recent trading.
Today’s Volume: 1.37 million
Average Volume: 937,227
Volume % Change: 123%
From a technical perspective, SM is ripping higher here right above its 50-day moving average of $58.39 with above-average volume. This move has started to push shares of SM into breakout territory, since the stock has moved above some near-term overhead resistance at $60.31. This move is quickly pushing shares of SM within range of triggering another major breakout trade. That trade will hit if SM manages to take out some near-term overhead resistance at $62.26 with high volume. At last check, SM has hit an intraday high of $62.48 with strong volume, so the stock is already starting to flirt with that breakout.
Traders should now look for long-biased trades in SM as long as it’s trending above near-term support at $60 or above that first breakout level at $60.31 and then once it sustains a move or close above $62.26 to $62.48 with volume that hits near or above 937,227 shares. If that breakout hits soon, then SM will set up to re-test or possibly take out its 52-week high at $68.77.
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.
Today’s Volume: 1.37 million
Average Volume: 937,227
Volume % Change: 123%
From a technical perspective, SM is ripping higher here right above its 50-day moving average of $58.39 with above-average volume. This move has started to push shares of SM into breakout territory, since the stock has moved above some near-term overhead resistance at $60.31. This move is quickly pushing shares of SM within range of triggering another major breakout trade. That trade will hit if SM manages to take out some near-term overhead resistance at $62.26 with high volume. At last check, SM has hit an intraday high of $62.48 with strong volume, so the stock is already starting to flirt with that breakout.
Traders should now look for long-biased trades in SM as long as it’s trending above near-term support at $60 or above that first breakout level at $60.31 and then once it sustains a move or close above $62.26 to $62.48 with volume that hits near or above 937,227 shares. If that breakout hits soon, then SM will set up to re-test or possibly take out its 52-week high at $68.77.
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.
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group