Meru Networks, Inc. (MERU)

[shmolton]

3 Stocks Under $10 Moving Higher
By Roberto Pedone 02/28/12 - 02:54 PM EST


Meru Networks



Meru Networks(MERU_) provides a virtualized wireless local area network (LAN) solution. This stock is trading up 8.3% at $5.22 in recent trading.

Today's Range: $4.84-$5.31

52-Week Range: $3.16-$23.66

Volume: 308,000

Three-Month Average Volume: 216,013

From a technical perspective, MERU is ripping higher today on decent volume and nearing a big breakout trade.

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Traders should now watch MERU for a breakout trade to trigger if this stock can manage to take out some near-term overhead resistance at $5.38 to $5.80 with high-volume. A sustained high-volume move and close above those levels should set this stock up for much higher prices. Look for volume that's near or well above 216,013 shares.

If we get that action soon, then target a possibly run back towards its next significant overhead resistance level at $6.85 in the near future.