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BGC Partners: The Winning Streak Continues (BGCP)

By Nick Russo

BGC Partners (NASDAQ:BGCP) traded at a new 52-week high today of $12.20. Approximately 117,000 shares have changed hands today, as compared to an average 30-day volume of 1.1 million shares.

BGC Partners, Inc. is a full-service, inter-dealer broker specializing in the trading of over-the-counter (OTC) financial instruments and related derivative products. The Company is active in the global fixed income, rates, foreign exchange, equity derivatives, credit derivatives, futures and structured product markets.

In the past 52 weeks, BGC Partners share prices have been bracketed by a low of $7.80 and a high of $12.20 and are now at $12.09, 55% above that low price. The 200-day and 50-day moving averages have moved 0.02% lower and 0.20% higher over the past week, respectively.

There is potential upside of 9.6% for shares of BGC Partners based on a current price of $12.09 and an average consensus analyst price target of $13.25. The stock should discover initial support at its 50-day moving average (MA) of $9.08 and subsequent support at its 200-day MA of $9.00.

SmarTrend recommended that subscribers consider buying shares of BGC Partners on November 10th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $9.34. Since that recommendation, shares of BGC Partners have risen 29.5%. We continue to monitor BGCP for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: 52 week high/lows bgc partners

Ticker(s): BGCP