Mavenir Systems (MVNR) announced an acquisition today. The volume absolutely soared on the stock and the price broke to new highs. With the huge intra day range on the stock, it also mirrored the huge volatility of the day in the market.
Mavenir IPO'd in November 2014. After a quick run up, the stock pulled back exactly 50%. While the big pullback was taking place, the Accumulation Indicator rose throughout. With today's breakout to new highs and a pullback to end the day, this looks interesting here. The OBV has shown rising lows and a ceiling on the highs, but that would probably break to the upside if this price action can break to new highs and hold. The relative strength in the top plot is rising which is very bullish. This is an interesting stock on a very interesting day in the market.
Good trading,
Greg Schnell, CMT
