Rediff.com Bursts Through Daily Resistance
Shares of Rediff.com (NASDAQ: REF) are trading higher on the session by 6.53%, at $9.95. The stock has been trading in positive territory all session, but just recently garnered high volume and momentum to the upside. REF just touched a fresh high of the day, $10.18.
Rediff.com has been forming a wide bullish flag for the past two weeks and appears to be solving the pattern to the upside today. With the short-term downtrend broken, shares now have their sights set on the $11.20 high.
Recent bullish momentum, along with the upward-sloping 20-day and 50-day moving averages, indicates that the stock is entering a period of medium-to-long term technical bullishness.
Note that Rediff.com has 4.33% short interest.
Given the reasonable spreads on options, the best way to play further upside in REDF would be to buy the Dec2011 $10.00/12.50 call spread for a net debit of $0.75 (0.75% of shares).
Rediff.com India Limited, along with its subsidiaries, is engaged in business of providing online Internet based services, focusing on India and the global Indian community. The company operates in two segments: India Online business and US Publishing business.
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