The following stocks gapped up significantly at the open on April 4: Transportadora de Gas Del Sur S.A, Patni Computer Systems Limited, Mahanagar Telephone Nigam Ltd, ProShares UltraShort Financials, and Zynga, Inc. 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 Transportadora de Gas Del Sur S.A (TGS) opened higher by 2.25% and are currently trading at $2.64. In the past year, the shares have traded as low as $2.67 and as high as $4.19. On average, 64300 shares of TGS exchange hands on a given day and today's volume is recorded at 16845. 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 $2.88 area but be careful because the stock may face selling pressure at this level.
Shares of Patni Computer Systems Limited (PTI) opened higher by 2.15% and are currently trading at $19.09. In the past year, the shares have traded as low as $10.91 and as high as $21.62. On average, 31860 shares of PTI exchange hands on a given day and today's volume is recorded at 1130. 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 $19.13 represents resistance and the 200-day moving average of $15.62 would be an area of support.
Shares of Mahanagar Telephone Nigam Ltd (MTE) opened higher by 1.96% and are currently trading at $1.04. In the past year, the shares have traded as low as $0.79 and as high as $2.43. On average, 147190 shares of MTE exchange hands on a given day and today's volume is recorded at 500. 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 $1.17 area but be careful because the stock may face selling pressure at this level.
Shares of ProShares UltraShort Financials (SKF) opened higher by 1.92% and are currently trading at $40.87. In the past year, the shares have traded as low as $39.48 and as high as $97.19. On average, 1259860 shares of SKF exchange hands on a given day and today's volume is recorded at 65228. 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 $45.39 area but be careful because the stock may face selling pressure at this level.
Shares of Zynga, Inc (ZNGA) opened higher by 1.75% and are currently trading at $12.5. In the past year, the shares have traded as low as $7.97 and as high as $15.91. On average, 11865450 shares of ZNGA exchange hands on a given day and today's volume is recorded at 1433478. 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 $12.80 represents resistance and the 200-day moving average of $11.59 would be an area of support.
