HollyFrontier Corp, Cabot Oil & Gas Corp, Continental Resources, Inc. and others reached higher-than-usual trading volumes.
Friday's session summary: Leading equity indices in the US rose as Nasdaq gained 0.71% and closed at 11,079. S&P 500 closed the day at 3,999, having gained 0.4%.
Why trading volume matters?
Trading volume is simply the total number of shares traded including both buy and sell orders. If a stock has appreciated on high volume, it is more likely to be a sustained move compared to an appreciation with low volume. Typically, high volume trading sessions are considered significant occurrences and closely watched by traders.
Price action was mostly bullish Friday with some energy stocks recording abnormally high trading volumes. Here's a recap:
HollyFrontier | 119% slightly above rolling average
HollyFrontier Corp outpaced its average daily trading volume (4 million) with 4.78 million shares traded Friday.
Having set a significant low of $29.34 10 months ago, the petroleum refineries company is trading 21.61% higher. The stock has been trending positively for about 10 months.
Cabot Oil & Gas Corp | 219% above rolling average
Trading volume peaked at 18.76 million shares Friday, thereby obliterating the daily average of 8.56 million by 219%.
The hydrocarbon exploration company has shed 0% over the past three months. The stock has been trending positively for about 1 year, 1 month.
Continental Resources | sustained 91% higher trading volume than average Friday
Friday's trading volume peaked at 3.54 million shares, thereby blitzing the daily average of 3.90 million by 91%.
The oil exploration and production company is up 54.06% from the significant low of $48.19 it hit 11 months ago. The stock has been trending positively for about 3 months.
— Average trading volume refers to a 21-day rolling average.