Fly Leasing

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Fly Leasing ( FLY), a global lessor of modern, fuel-efficient commercial jet aircraft, is trading up 4.8% at $14.68 in recent trading.

Today's Volume: 1.40 million
Average Volume: 333,124
Volume % Change: 774%

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From a technical perspective, FLY is ripping higher here right off its 200-day moving average of $14.11 with heavy upside volume. This stock has been crushed during the last few trading sessions, with shares dropping from its high of $17.30 to its recent low of $14. During that move, shares of FLY have been consistently making lower highs and lower lows, which is bearish technical price action. That said, shares of FLY have now started to bounce off oversold territory, since its relative strength index recently dipped below 30.

Traders should now look for long-biased trades in FLY as long as it's trending above its recent low of $14 and then once it sustains a move or close above $15 with volume that hits near or above 333,124 shares. If we get that move soon, then FLY will set up to continue its oversold bounce and possibly spike notably higher. Some possible upside targets off oversold levels are $16 to $16.50.

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