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Sellers Reduce Exposure to Shares of Leap Wireless International on 1.4x Above-Average Volume (LEAP)

Published on Wed, 02/27/2013 - 14:13
By Robert Cotter

Shares of Leap Wireless International are trading down 2.2% to $5.57 today on above average volume. Today's volume of 3.2 million shares tops the average 30-day volume of 2.3 million shares. Unusually high volume can signify a potential turning point or validate a breakout.

Leap Wireless International, Inc. provides mobile wireless services. The Company's services are targeted to meet the needs of customers who are under-served by traditional communications companies. Leap's Cricket service is available to customers in various states from New York to California.

In the past 52 weeks, Leap Wireless International share prices have been bracketed by a low of $4.28 and a high of $11.29 and are now at $5.57, 30% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has declined 1%.

Leap Wireless International (NASDAQ:LEAP) defies analysts with a current price ($5.57) 2.8% above its average consensus price target of $5.41. The stock should run into initial resistance at its 200-day moving average (MA) of $5.97 and subsequent resistance at its 50-day MA of $6.22.

By Robert Cotter
rcotter@fnno.com