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Bargain-priced communications stock
Alcatel Lucent (
ALU) is getting bid higher this afternoon, after hitting a technical support level at $1.75. Now, with hefty call option volume pouring into shares, ALU is ratcheting up more than 5.5% on the day.
ALU has been looking "toppy" for the last few sessions, but today's bounce indicates that this stock can still catch a bid at $1.75 -- at least for now. That's going to be an important level to watch in this stock for the next week or so. While it's impressive that ALU buyers are stepping in en masse here, a break below $1.75 is a strong sell signal for this stock.
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