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Shares of REED are ripping higher today after the company said first-quarter revenues for 2013 increased by 24% to over $8 million from $6.5 million in the first quarter of 2012.
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From a technical perspective, REED is trending higher here back above its 50-day moving average at $4.24 with above-average volume. This stock has been trending sideways for the last month and change, with shares moving between $3.80 on the downside and $4.75 on the upside. Shares of REED are now quickly moving within range of triggering a breakout trade above the upper-end of its recent range. That breakout will hit if REED clears some near-term overhead resistance levels at $4.47 to $4.75 with high volume.
Traders should now look for long-biased trades in REED as long as it's trending above today's low of $4.13 and then once it sustains a move or close above those breakout levels with volume that hits near or above 60,349 shares. If that breakout hits soon, then REED will set up to re-test or possibly take out its next major overhead resistance levels at $5.60 to $6.
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