One under $2 penny stock that set a new 52 week high yesterday and is trading near a major breakout is ParkerVision Inc. (Nasdaq: PRKR). PRKR stock is up over 93% year to date after closing up another 3.75% at $1.66 in the last trading session. A tremendous start to the year, PRKR is set to open today 25.81% above its 50 day moving average, 62.09% above its 200 day moving average, -1.19% the 52 week it high it set in yesterday’s trading session, $1.68, and a whopping 260.87% above its 52 week low of $0.46.
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PRKR Stock Chart:
Market Cap: 125.96M
52-Week High
(May 24, 2012): 1.68
52-Week Low
(Jul 7, 2011): 0.46
50-Day Moving Avg: 1.32
200-Day Moving Avg: 1.02
Avg Vol (3 month): 325,325
Avg Vol (10 day): 503,388
Shares Outstanding: 75.88M
Float: 57.13M
% Held by Insiders: 21.86%
% Held by Institutions: 27.60%
Shares Short
(as of Apr 30, 2012): 7.33M
If you take a look at the chart for PRKR, notice that this penny stock has been uptrending strong for the past five months, with shares rising off a year to date low of 0.74 cents. Since the beginning of the year, shares of ParkerVision’s penny stock have consistently made higher lows and higher highs. Transalation: Bullish technical price action.
Now these penny shares are beginning to flirt with a major breakout trade since its starting to challenge some near-term overhead resistance. The first resistance level PRKR must break is $1.72. However, if it can manage to trigger a breakout above $1.68 a share with high volume, look for the stock to move or close above that level with volume that’s above its 3 month average action of 314,898 shares.
If that should happen soon, PRKR has a great chance to test its next resistance level of $1.79 and continue its strong uptrend towards its next significant overhead resistance levels at $2 to $2.50 a share. PRKR hit a high of $1.68 a share yesterday so traders should look for the stock to sustain a high-volume trend above $1.62 to $1.68 to confirm it wants to test the next resistance levels.
About ParkerVision Inc.
ParkerVision Inc. is in the business of innovating fundamental wireless technologies. The Company designs, develops and markets their proprietary radio frequency (RF) technologies and products for use in semiconductor circuits for wireless communication products. In addition, from time to time, the Company offers engineering consulting and design services to their customers, for a negotiated fee, to assist them in developing prototypes and/or products incorporating their technologies.
Primarily, ParkerVision is focused on incorporating their technologies into mobile handsets for 3G and 4G cellular networks, but their technologies are applicable to other wireless products that incorporate RF transmitters, receivers, and/or transceivers, some of which are related to networks serving mobile handsets such as data cards, femtocells, machine-to-machine, and embedded applications. The Company’s technology can also be applied to non-cellular radio applications such as military radios and cable modems.
Bottom Line: The penny stock of ParkerVision has had a great start to 2012 and could begin to test its near-term resistance levels. Don’t be surprised to see a pullback either in the short term as the chart indicates that profit taking on PRKR stock is not off limits. Also, bear in mind that PRKR is trading at levels the penny shares have not seen since the summer of 2010.
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