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Dish Network Breaks Out

By Gary Morrow
3:22 P.M. EDT

Dish Network(DISH Quote) is up sharply following its first-quarter earnings report.

Today's 18% surge began with a powerful gap higher open that easily pushed the stock above its 200-day moving average for the first time since November 2007. Volume on this ramp is running extremely heavy and will be the heaviest positive day for the stock since late 2007.

DISH Daily (Nasdaq) Dish Network TradeStation

The breakout move today continues an impressive run that Dish began in early March after a successful test of its 2008 lows. The stock spent very little time under $9.00 while bottoming out eight weeks ago. Since Dish turned higher in the second week of March, the stock has traded in a narrow channel. This rally carried the stock 80% higher prior to today's big jump.

At this point, the stock is overextended but, in the process, has left behind strong support. A light-volume pullback to the $16.25 area, the stock's 200-day moving average, would be a good spot to buy. This support area also includes the previous monthly highs of $15.50. A short-term base following a low-volume sell off would be healthy for the stock now that its current rally has more than doubled the stock's price.

No positions.