Another under-$10 name in the communications services complex that's trading within range of a major breakout trade is Leap Wireless (LEAP), a wireless communications carrier that offers digital wireless services in the U.S. under the Cricket brand. This stock is off to a bearish start in 2012, with shares off by around 33%.
If you take a look at the chart for Leap Wireless, you'll notice that this stock gapped down big in April from over $8 to under $6.50 a share on monster volume. Following that gap-down, shares of LEAP continued to trend down and eventually hit a low of $4.68 a share. After hitting that low, shares of LEAP have been trading sideways between $4.68 on the downside and $6.43 on the upside. This stock has just moved back above its 50-day moving average of $5.75 a share, and it's now trading within range of triggering a near-term breakout trade.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV