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DragonWave(DRWI) is in the business of developing broadband wireless backhaul and pseudowire equipment. DragonWave is a provider of wireless Ethernet equipment used in Internet protocol networks. This stock is trading up 3.5% to $2.25 in recent trading.
Today's Range: $2.23-$2.30
52-Week Range: $2.14-$5.50
Three-Month Average Volume: 156,475
From a technical perspective, DRWI is moving modestly higher with above average volume. This move is coming after DRWI recently plunged from $4 to $2.14 with heavy selling volume. Following that plunge, DRWI has formed a double bottom chart pattern at around $2.14 to $2.15, and the upside volume is now starting to expand.
Traders should now look for long-biased trades as long as DRWI holds that double bottom with strong upside volume flows. I would consider any upside volume day that registers near or above 156,475 shares as bullish. If DRWI can hold those lows, then traders should look for this stock to clear its downtrend line above $2.38 to signal that the near-term bearish trend is over. Some possible upside targets for DRWI are $2.69 to its 50-day moving average of $2.83, if that bottom holds and trend for this stock changes to bullish.