Partner Communications (PTNR) is a mobile telephone network operator in Israel. The company’s products and services are marketed under the orange brand. This stock is trading up 8% to $3.63 in recent trading.
Today’s Range: $3.45-$3.67
52-Week Range: $3.00-$13.06
Three-Month Average Volume: 157,733
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Shares of PTNR are ripping to the upside today after the company said it plans to partner with Cellcom for a new solution that consists of television-over-Internet services as weak earnings highlighted their need for profitable new earnings streams. The company’s CEL said he was examining Internet TV as well as an entry into the cellular credit card business.
From a technical perspective, PTNR is ripping higher today right off some near-term support at $3.30 with light volume. This stock has been crushed by the bears during the last six months, with shares plunging from over $8 to its recent low of $3. This spike today is quickly pushing PTNR within range of triggering a near-term breakout trade. That trade will hit once PTNR takes out some near-term overhead resistance levels at $3.67 to $4.01 with high volume.
Traders should now look for long-biased trades in PTNR as long as it’s trending above $3.67, and then once it clears its 50-day at $3.88 and $4.01 with heavy volume. Look for a sustained move or close above those levels with volume that’s near or above 157,733 shares. If that breakout triggers soon, then PTNR will have a great chance of re-testing or possibly taking out its next major overhead resistance levels at $4.75 to $5, or possibly even $5.50.