Tuesday's Range: $5.14-$5.62
52-Week Range: $4.70-$7.07
Tuesday's Volume: 3.71 million
Three-Month Average Volume: 909,108
From a technical perspective, ELNK trended sharply higher here right off its 50-day moving average of $5.12 and back above its 200-day moving average of $5.40 with heavy upside volume. This move also pushed shares of ELNK into breakout territory, since the stock took out some key near-term overhead resistance at $5.41. Market players should now look for a continuation move higher in the short-term if ELNK can manage to take out Tuesday's high of $5.62 with strong volume.
Traders should now look for long-biased trades in ELNK as long as it's trending above its 50-day at $5.12 and then once it sustains a move or close above $5.62 with volume that hits near or above 909,108 shares. If we get that move soon, then ELNK will set up to re-test or possibly take out its next major overhead resistance levels at $6.20 to $6.67.
To see more stocks that are making notable moves higher, check out the Stocks Under $10 Moving Higher portfolio on Stockpickr.
-- Written by Roberto Pedone in Delafield, Wis.