Groupon (GRPN) is a local e-commerce marketplace that connects merchants to consumers by offering goods and services at a discount. This stock is trading up 4.5% at $11.65 in recent trading.
Today's Volume: 3.6 millionAverage Volume: 2.6 million Volume % Change: 65% From a technical perspective, GRPN is bouncing sharply off its recent low of $11.02 today with monster volume. This move is also coming off of an extremely oversold level for GRPN, since its current relative strength index (RSI) reading is 26.38. Oversold can always get more oversold, but GRPN is showing relative strength here since its moving up in a down market. Traders should now consider long-biased trades in GRPN as long as it's trending above $11.02 with strong upside volume. I would also look for long trades in GRPN if it can manage to close near or above its intraday high of $11.83. This stock could potentially have a powerful oversold bounce back towards $14.30 or higher if the upside volume continues to track strong. I would consider any upside volume day that registers near or above 2,610,440 shares as strong action. Groupon shows up on a recent list of 4 Stocks With High Short Interest That Could Rise. 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.
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