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Central European Media Enterprises (
CETV) is a media and entertainment company that operates broadcast, content and new media businesses in central and Eastern Europe. This stock closed up 5.1% to $3.68 in Thursday's trading session.
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From a technical perspective, CETV bounced sharply higher here right off its 50-day moving average of $3.42 with lighter-than-average volume. This move is quickly pushing shares of CETV within range of triggering a major breakout trade. That trade will hit if CETV manages to take out some near-term overhead resistance levels at $3.79 to $3.89 with high volume.
Traders should now look for long-biased trades in CETV as long as it's trending above its 50-day at $3.42 or above more near-term support at $3.25 and then once it sustains a move or close above those breakout levels with volume that hits near or above 741,458 shares. If that breakout hits soon, then CETV will set up to re-test or possibly take out its next major overhead resistance levels at $4.45 to $4.68. Any high-volume move above those levels will then put its next major overhead resistance levels at $5 to $5.25 into range for shares of CETV.
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