Vringo (VRNG - Get Report), together with its subsidiaries, develops, acquires, licenses, protects and monetizes intellectual property worldwide. This stock closed up 1.9% to $3.62 in Wednesday's trading session.
Wednesday's Range: $3.45-$3.64
52-Week Range: $2.61-$5.45
Wednesday's Volume: 1.56 million
Three-Month Average Volume: 2.09 million
From a technical perspective, VRNG jumped modestly higher here right above its 200-day moving average of $3.36 and its 50-day moving average of $3.51 with decent upside volume. This spike higher on Wednesday is starting to push shares of VRNG within range of triggering a major breakout trade. That trade will hit if VRNG manages to take out Wednesday's intraday high of $3.65 and then once it clears some near-term overhead resistance at $3.69 with high volume.
Traders should now look for long-biased trades in VRNG as long as it's trending above its 200-day at $3.36 or above $3.20 and then once it sustains a move or close above $3.65 to $3.69 with volume that hits near or above 2.09 million shares. If that breakout materializes soon, then VRNG will set up to re-test or possibly take out its next major overhead resistance levels at $4.27 to $4.49. Any high-volume move above those levels will then give VRNG a chance to tag its 52-week high at $5.45.