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Stock to Watch: Powerwave Technologies Up 7.7% (PWAV)
Aug 08, 2012 (SmarTrend(R) Spotlight via COMTEX) --
Powerwave Technologies (NASDAQ:PWAV) is one of today's best performing penny stocks, up 7.7% to $0.42 on 1.7x average daily volume. Thus far today, Powerwave Technologies has traded 562,000 shares, vs. average volume of 332,000 shares per day. The stock has outperformed the Dow (7.7% to the Dow's 0.1%) and outperformed the S&P 500 (7.7% to the S&P's 0.1%) during today's trading.
In the past 52 weeks, shares of Powerwave Technologies have traded between the current low of $0.38 and a high of $2.59 and are now at $0.42. Over the past week, the 200-day moving average (MA) has gone down 1.1% while the 50-day MA has declined 4.6%.
Potential upside of 138.1% exists for Powerwave Technologies, based on a current level of $0.42 and analysts' average consensus price target of $1.00. The stock should find initial resistance at its 50-day moving average (MA) of $0.69 and further resistance at its 200-day MA of $1.35.
Powerwave Technologies, Inc. designs, manufactures, and markets wireless communications products. The Company's products including antennas, boosters, combiners, filters, radio frequency power amplifiers, repeaters, tower-mounted amplifiers, and advanced coverage solutions. Powerwave also operates a contract manufacturing business under the trade name of Arkivator.
SmarTrend recommended that its subscribers protect gains by selling shares of Powerwave Technologies on July 16th, 2012 by issuing a Downtrend alert when the shares were trading at $0.66. Since that call, shares of Powerwave Technologies have fallen 40.9%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.
Write to Chip Brian at cbrian@mysmartrend.com
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