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8X8 INC Bearish Moving Average Crossover Alert (EGHT)

Published on Fri, 02/21/2014 - 12:28
By Peter Chu

8X8 INC (NASDAQ:EGHT) shares have crossed bearishly below their 10-day moving average of $9.86 on a volume of 349K shares. This may provide swing traders with an opportunity for a short position, as such a crossover often suggests lower prices in the near term.

Potential upside of 28.8% exists for 8X8 INC, based on a current level of $9.71 and analysts' average consensus price target of $12.50. The stock should hit resistance at its 50-day moving average (MA) of $10.16, as well as support at its 200-day MA of $9.52.

In the past 52 weeks, shares of 8X8 INC have traded between a low of $6.00 and a high of $12.42 and are now at $9.71, which is 62% above that low price. Over the past week, the 200-day moving average (MA) has gone up 0.4% while the 50-day MA has advanced 0.3%.

8x8, Inc. provides voice-over-Internet protocol creation platforms, hosted Internet PBX solutions, voice and video semiconductors, and related software. The Company offers service providers the tools to create next-generation Internet protocol network services, while providing telecommunications manufacturers with embedded technology, software stacks, and reference designs.

By Peter Chu
pchu@fnno.com

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