Learning about technical chart reading yet??? Or still the village idiot? How about those 2 new contracts in Thailand announced yesterday and today??
NetSol Technologies (NTWK) designs, develops, markets and exports proprietary software products to customers in the automobile finance and leasing, banking, health care and financial services industries worldwide. This stock closed up 7.3% at $12.59 on Wednesday.
Wednesday's Volume: 736,000
Average Volume: 242,690
Volume % Change: 147%
From a technical perspective, NTWK ripped higher here off $12 with above-average volume. This stock recently formed a double bottom chart pattern at $10.20 to $10.21 and the stock has soared higher to above $12 since finding that support. Shares of NTWK are now quickly moving within range of triggering a major breakout trade. That trade will hit if NTWK manages to take out some key overhead resistance at $12.81 to $13 with high volume.
Traders should now look for long-biased trades in NTWK as long as it’s trending above some key near-term support levels at $11.93 or $11.50 and then once it sustains a move or close above those breakout levels with volume that hits near or above 242,690 shares. If that breakout triggers soon, then NTWK will set up to re-fill some of its previous gap down zone from July of 2011 that started near $17.