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Velti ( VELT) is a global provider of mobile marketing and advertising technology and solutions. This stock is trading up 9.6% at $6.27 in recent trading.

Today's Range: $6.01-$6.70

52-Week Range: $5.61-$20.00

Volume: 3.9 million

Three-Month Average Volume: 1.15 million

From a technical perspective, VELT is bouncing off oversold levels here since its current relative strength index reading is 22.64. This oversold condition was created once VELT plunged yesterday from $9.30 to a low of $5.61 with heavy volume.

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Traders should now look for long-biased trades if VELT can hold that recent low of $5.61, and then take out today's high of $6.70 with volume. A move over $6.70 with volume should lead to more upside towards $7 to $8 in the near future. Look for a move over $6.70 with volume that's near or well above 1.15 million shares.

I would avoid this stock if it takes out today's low of $5.72 and then yesterday's low of $5.61 with high volume.

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