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Elephant Talk Communications(ETAK - Get Report) provides Internet, telephony and data communications software services to both mobile phone companies and businesses. This stock is trading up 10% to $1.21 in recent trading.
Today's Range: $1.14-$1.22
52-Week Range: $2.10-$4.15
Three-Month Average Volume: 226,025
From a technical perspective, ETAK is ripping higher here right above its 50-day moving average of $1.08 with above-average volume. This move is quickly pushing shares of ETAK within range of triggering a near-term breakout trade. That trade will hit if ETAK manages to take out some near-term overhead resistance levels at $1.23 to $1.24 and then once it clears more resistance at $1.30 with high volume.
Traders should now look for long-biased trades in ETAK as long as it's trending above its 50-day at $1.08, and then once it sustains a move or close above those breakout levels with volume that hits near or above 226,025 shares. If that breakout hits soon, then ETAK will set up to re-test or possibly take out its next major overhead resistance levels at $1.48 to $1.58. Any move above $1.58 will then put $1.64 to $1.89 into range for shares of ETAK.