Jan 10, 2011 (SmarTrend(R) News Watch via COMTEX) -- Hemisphere GPS (NASDAQ:HEMGF) traded in a range yesterday that spanned from a low of $1.45 to a high of $1.57. Yesterday, the shares gained 18.25%, which took the trading range above the 3-day high of $1.26 on volume of 121,000 shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.
Shares of Hemisphere GPS are currently trading above their 50-day moving average (MA) of
.81 and above their 200-day MA of
.88. Look for the MA to provide support for a short-term pullback in the shares.
SmarTrend currently has shares of Hemisphere GPS in an Uptrend and issued the Uptrend alert on October 12, 2010 at
.84. The stock has risen 50% since the Uptrend alert was issued.
SmarTrend expects the share price to pullback toward the $1.26 support level. Afterwards, we expect it to move upward with its peers in the SmarTrend Wireless Communications industry.
Write to Chip Brian at cbrian@tradethetrend.com