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Vringo(VRNG - Get Report) is engaged in developing software for mobile phones. It provides a platform, which allows users to create, download and share mobile entertainment content in the form of video ringtones for mobile phones. This stock is trading up 9.6% at $2.83 in recent trading.
Today's Range: $2.47-$2.96
52-Week Range: $0.68-$4.05
Volume: 3.2 million
Three-Month Average Volume: 1.5 million
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From a technical perspective, VRNG is rebounding sharply with volume after the stock just fell from Tuesday's high of $4.05 to today's low of $2.47. This move is quickly pushing the stock within range of triggering a near-term breakout trade. That trade will hit once VRNG takes out Wednesday's high of $3.14 with volume.
Traders should now look for long-biased traders in VRNG once it sustains a move and close over $3.14 with volume that's near or well above 1,529,740 share. At last check, VRNG has hit a high today of $2.96 and volume is well above the average action. If we get that move soon, look for VRNG to re-test its recent high of $4.05 and possibly trend much higher. I would avoid any long grades if that breakout fails to hit or if VRNG moves back below today's low of $2.47 with heavy volume.