Renren (RENN) operates a social networking Internet platform in the People's Republic of China. This stock is trading up 5% to $3.55 in Tuesday's trading session.
Tuesday's Range: $3.32-$3.59
52-Week Range: $2.52-$4.63
Tuesday's Volume: 2.36 million
Three-Month Average Volume: 1.91 million
From a technical perspective, RENN is ripping higher here right off its 200-day moving average of $3.30 with strong upside volume. This move is starting to push shares of RENN into breakout territory, since the stock has taken out some near-term overhead resistance at $3.50. Shares of RENN are now quickly moving within range of triggering another near-term breakout trade. That trade will hit if RENN manages to clear some past overhead resistance at $3.62 with high volume.
Traders should now look for long-biased trades in RENN as long as its trending above its 200-day at $3.30 or its 50-day at $3.16 and then once it sustains a move or close above $3.62 with volume that hits near or above 1.91 million shares. If that breakout hits soon, then RENN will set up to re-test or possibly take out its next major overhead resistance levels at $4.15 to $4.21, or even its 52-week high at $4.63.