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June 07, 2023Valvoline Inc., HollyFrontier Corp, Cabot Oil & Gas Corp had the highest volumes yesterday.
Here's an update with information from the last trading session: Leading equity indices in the US rose as Nasdaq closed the day at 13,276, having gained 0.36%. S&P 500 ended the session at 4,284 after a 0.24% gain.
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 yesterday with some energy stocks recording abnormally high trading volumes. Here's a recap:
Valvoline | 223% higher than rolling average
Trading volume peaked at 6.78 million shares yesterday, thereby obliterating the daily average of 3 million by 223%.
Having set a significant high of $38.83 6 days ago, the chemical manufacturing company is trading 1.44% lower. The stock has been trending positively for about 2 months.
HollyFrontier | 119% slightly above rolling average
Yesterday's trading volume peaked at 4.78 million shares, thereby blitzing the daily average of 4 million by 119%.
Cabot Oil & Gas Corp | 219% higher than rolling average
The company's market cap currently stands at $17 billion with an average daily trading volume of 8.56 million shares.
Cabot Oil & Gas Corp outpaced its average daily trading volume (8.56 million) with 18.76 million shares traded yesterday.
— Average trading volume refers to a 21-day rolling average.
