IFON~~ The Street's short term target 5.50 dollars
Thursday's Range: $4.11-$4.48
52-Week Range: $0.38-$4.58
Thursday's Volume: 463,000
Three-Month Average Volume: 864,992
From a technical perspective, IFON trended modestly higher here with lighter-than-average volume. This stock has been uptrending strong for the last three months, with shares moving higher from its low of 66 cents per share to its recent high of $4.58. During that uptrend, shares of IFON have been consistently making higher lows and higher highs, which is bullish technical price action.
Traders should now look for long-biased trades in IFON as long as it's trending above near-term support levels at $4 or at $3.67 and then once it sustains a move or close above its 52-week high of $4.58 with volume that hits near or above 864,992 shares. If that breakout triggers soon, then IFON will set up to enter new 52-week-high territory, which is bullish technical price action. Some possible upside targets off that breakout are $5 to $5.50