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Shares of Wipro Are Moving Higher on 2.1x Above-Average Volume (WIT)

Published on Fri, 01/11/2013 - 14:09
By Adrienne Chilton

Wipro shares are trading on heavy volume today, having risen 5.7% to $9.70. Today's volume of 730,000 shares tops the average 30-day volume of 352,000 shares. Unusually high volume can signify a potential turning point or validate a breakout.

Wipro share prices have moved between a 52-week high of $11.49 and a 52-week low of $7.56 and are now trading 28% above that low price at $9.70 per share. Over the last five market days, the 200-day moving average (MA) has gone down 0.4% while the 50-day MA has advanced 0.8%.

Wipro (NYSE:WIT) is currently priced 19.1% above its average consensus analyst price target of $7.85. The stock should find initial support at its 200-day moving average (MA) of $8.78 and further support at its 50-day MA of $8.57.

Wipro Limited specializes in IT and computer related technologies. The Group's services encompass a number of areas, including software architecture, business intelligence systems, e-commerce, data warehousing, Internet access devices, network management, system administration, messaging systems, IT consulting and design. Wipro also has a presence in niche markets of consumer products.

By Adrienne Chilton