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Traders Get Bullish on Shares of DragonWave, Shares Up 5.2% (DRWI)
Mar 12, 2013 (SmarTrend(R) Spotlight via COMTEX) --
DragonWave (NASDAQ:DRWI) is one of today's best performing low-priced stocks, up 5.2% to $1.81 on 1.0x average daily volume. Thus far today, DragonWave has traded 276,000 shares, vs. average volume of 268,000 shares per day. The stock has outperformed the Dow (5.2% to the Dow's 0.1%) and outperformed the S&P 500 (5.2% to the S&P's -0.2%) during today's trading.
There is potential upside of 8.6% for shares of DragonWave based on a current price of $1.81 and an average consensus analyst price target of $1.97. The stock should run into initial resistance at its 50-day moving average (MA) of $2.39 and subsequent resistance at its 200-day MA of $2.55.
DragonWave Inc. provides wireless Ethernet equipment for use in IP networks. The Company designs, develops, and markets carrier-grade microwave radio frequency networking equipment that wirelessly transmit broadband voice, video, and other data.
In the past 52 weeks, DragonWave share prices have been bracketed by a low of $1.37 and a high of $5.46 and are now at $1.81, 33% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.8% while the 50-day MA has declined 4.1%.
SmarTrend recommended that its subscribers protect gains by selling shares of DragonWave on January 11th, 2013 by issuing a Downtrend alert when the shares were trading at $2.44. Since that call, shares of DragonWave have fallen 29.4%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.
Write to Chip Brian at cbrian@mysmartrend.com
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