The following stocks gapped up significantly at the open on April 5: Cinemark Holdings Inc, Echo Global Logistics, Inc, PPG Industries Inc, eLong Inc, and PIMCO Corporate Opportunity Fund. These stocks may be up because of positive overnight news, overall market bullishness, or increased speculation. Oftentimes stocks will close the gap, meaning they will retrace to the last day's high. Thus, gap ups are often good selling opportunities but in some cases, watch for the stock to continue higher.
Shares of Cinemark Holdings Inc (CNK) opened higher by 4.41% and are currently trading at $22.79. In the past year, the shares have traded as low as $16.57 and as high as $22.85. On average, 863140 shares of CNK exchange hands on a given day and today's volume is recorded at 564731. The shares are currently trading above the 50-day moving average which indicates that the shares have been experiencing strong upward momentum as the 50 DMA is above the 200 DMA. The stock may come back down to test the 50-day moving average, so look for a move back to the $21.03 area where the stock will likely see buying pressure.
Shares of Echo Global Logistics, Inc (ECHO) opened higher by 4.19% and are currently trading at $16.81. In the past year, the shares have traded as low as $11.42 and as high as $19.38. On average, 84550 shares of ECHO exchange hands on a given day and today's volume is recorded at 14104. The shares are currently trading below the 50-day moving average but above the 200-day moving average. The stock may be range bound between these two levels where the 50-day moving average of $17.66 represents resistance and the 200-day moving average of $15.78 would be an area of support.
Shares of PPG Industries Inc (PPG) opened higher by 4.02% and are currently trading at $97.93. In the past year, the shares have traded as low as $65.58 and as high as $97.80. On average, 940820 shares of PPG exchange hands on a given day and today's volume is recorded at 945700. The shares are currently trading above the 50-day moving average which indicates that the shares have been experiencing strong upward momentum as the 50 DMA is above the 200 DMA. The stock may come back down to test the 50-day moving average, so look for a move back to the $92.24 area where the stock will likely see buying pressure.
Shares of eLong Inc (LONG) opened higher by 3.72% and are currently trading at $15.0. In the past year, the shares have traded as low as $12.18 and as high as $29.60. On average, 11930 shares of LONG exchange hands on a given day and today's volume is recorded at 0. The shares are currently trading below the 50-day and 200-day moving averages which indicates that the shares have been experiencing downward momentum. The stock may bounce back to test the 200-day moving average. Thus, you may want to pay close attention for a move up to the $15.86 area but be careful because the stock may face selling pressure at this level.
Shares of PIMCO Corporate Opportunity Fund (PTY) opened higher by 3.67% and are currently trading at $18.5. In the past year, the shares have traded as low as $14.14 and as high as $19.86. On average, 192510 shares of PTY exchange hands on a given day and today's volume is recorded at 7335. The shares are currently trading below the 50-day moving average but above the 200-day moving average. The stock may be range bound between these two levels where the 50-day moving average of $18.80 represents resistance and the 200-day moving average of $17.81 would be an area of support.
