Traders should now look for long-biased trades in MEIP as long as it's trending above its 50-day at $8.46 or above some near-term support at $8 and then once it sustains a move or close above those breakout levels with volume that hits near or above 94,413 shares. If that breakout hits soon, then MEIP will set up to re-test or possibly take out its next major overhead resistance levels at $12 to $13.18. Any high-volume move above $13.18 will then put $15 into range for shares of MEIP.
To see more stocks that are making notable moves higher today, check out the Stocks Under $10 Moving Higher portfolio on Stockpickr.
-- Written by Roberto Pedone in Madison, Wis.
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