Renren bouncing off the 200 day on strong volume (NYSE:RENN)

by Josh Shares of Renren ($RENN) are bouncing off the 200 day moving average today. The 200 day moving average is a well respected longer term resistance line. A confirming retest of the the 200 day will further confirm today’s move above the long term resistance.

Volume is heavy today, with 1,296,860 million shares traded so far today, putting Renren ($RENN) on track to trade well above the average volume of 1.9 million shares.

Renren ($RENN) is currently at $3.32 up $.10 per share (+3%). Shares have been coiling in a symmetrical triangle since May and are testing that trend line today providing bullish traders a key resistance line to watch over the next few days.

52 Week Range $2.52-$4.33 Market Cap 1,260,330,681 Average Volume 2,520,948 Dividend Yield 0.00% Institutional Ownership 2.10% Insider Ownership: 0.00% Percentage of Float Short 1.60% Beta 3.52

Renren Renren Inc is engaged in the operation of social networking internet platform, as well as provision of online advertising services and internet value-added services, including online gaming operations, online talent show and other IVAS, among others.

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