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Leap Wireless(LEAP) is a wireless communications carrier that offers digital wireless services in the United States under the Cricket brand. This stock is trading up 5.7% at $5.72 in recent trading.
Today's Range: $5.43-$5.91
52-Week Range: $4.68-$17.66
Three-Month Average Volume: 2.1 million
From a technical perspective, LEAP is surging sharply higher here after the stock recently gapped down big on heavy volume. This move is quickly pushing LEAP within range of triggering a breakout trade. That trade will hit once LEAP takes out some near-term overhead resistance at $5.91 to $6.43 with high volume.
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Traders should now look for long-biased trades if LEAP can sustain a move or close above $5.91 to $6.43 with volume that's near or above 2.1 million shares. If we get that action soon, then LEAP can attempt to fill some of that gap back toward $8. At last check, LEAP has hit an intraday high of $5.92 and volume is well below its average action.
If LEAP fails to trigger that breakout, I would then avoid this stock if it moves back below $5.16 with heavy volume.