Brightpoint

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Brightpoint ( CELL) is engaged in providing device lifecycle services to the wireless industry. This stock is trading up 10% to $4.97 in recent trading.

Today's Range: $4.55-$5.00

52-Week Range: $4.50-$12.05

Volume: 716,000

Three-Month Average Volume: 618,860

From a technical perspective, shares of CELL are moving sharply higher here with above average volume. This stock has been hammered by the bears during the last six months, with shares dropping from over $10 to a recent low of $4.50. Following that massive move lower, CELL has found buying interest twice now at $4.50. This could be signaling that the stock has put in a double bottom chart pattern, now that CELL is ripping higher today off that $4.50 level.

Traders should now look for long-biased trades as long as CELL holds above $4.50, and then once it triggers a near-term breakout trade. That trade will hit once CELL takes out some near-term overhead resistance at $5.12, and then moves back above its 50-day moving average of $5.47 with high-volume. Look for a sustained move or close above those levels with volume that's near or above 618,860 shares. If we get that action soon, then CELL could easily hit its next significant overhead resistance level at $6.39, or trend even higher.

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