Navarre (NASDAQ:NAVR) traded in a range yesterday that spanned from a low of $2.53 to a high of $2.66. Yesterday, the shares gained 4.37%, which took the trading range above the 3-day high of $2.55 on volume of 144,000 shares.
Shares of Navarre are currently trading above their 50-day moving average (MA) of $2.13 and above their 200-day MA of $2.17. Look for these MAs to provide support for a short-term pullback in the shares.
SmarTrend is bullish on shares of Navarre and our subscribers were alerted to Buy on July 19, 2010 at $2.23. The stock has risen 17.9% since the alert was issued.
SmarTrend has the shares in an Uptrend and expects the share price to pullback toward the $2.55 support level. Afterwards, we expect it to move upward with its peers in the SmarTrend Electronics Wholesale industry.