Don't Ignore This Chart!

Mavenir Systems (MVNR) Makes 6 Month Highs On Big Volume


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

Greg Schnell
About the author: , CMT, is a Senior Technical Analyst at specializing in intermarket and commodities analysis. He is also the co-author of Stock Charts For Dummies (Wiley, 2018). Based in Calgary, Greg is a board member of the Canadian Society of Technical Analysts (CSTA) and the chairman of the CSTA Calgary chapter. He is an active member of both the CMT Association and the International Federation of Technical Analysts (IFTA). Learn More
Subscribe to Don't Ignore This Chart! to be notified whenever a new post is added to this blog!
comments powered by Disqus