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Watch for Continued Gains in Shares of Iridium Communic (IRDM)

By David Diaz

Iridium Communic (NASDAQ:IRDM) traded today at a new 52-week high of $18.65. This new high was reached on below average trading volume as 172,000 shares traded hands, while the average 30-day volume is approximately 1.2 million shares.

Iridium Communications, Inc. offers mobile satellite communications services. The Company's satellites operate in a low-earth orbit and provide 100% global coverage. Iridium Holdings offers voice and data communications services to the United States and foreign governments; businesses; non-governmental organizations; and consumers.

Iridium Communic (NASDAQ:IRDM) is currently priced 17.0% above its average consensus analyst price target of $15.40. The stock should discover initial support at its 50-day moving average (MA) of $15.50 and subsequent support at its 200-day MA of $12.73.

Over the past year, Iridium Communic has traded in a range of $6.80 to $18.65 and is now at $18.55, 173% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 3.5% while the 200-day MA has risen 1.2%.

SmarTrend is tracking the current trend status for Iridium Communic and will alert subscribers who have IRDM in their portfolio or watchlist when shares have changed trend direction.

Keywords: 52 week high/lows iridium communic

Ticker(s): IRDM