Syniverse (NYSE:SVR) traded in a range yesterday that spanned from a low of $21.67 to a high of $22.54. Yesterday, the shares gained 2.27%, which took the trading range above the 3-day high of $22.34 on volume of 500,000 shares.
Shares of Syniverse are currently trading above their 50-day moving average (MA) of $19.92 and above their 200-day MA of $18.26. Look for these MAs to provide support for a short-term pullback in the shares.
SmarTrend is bullish on shares of Syniverse and our subscribers were alerted to Buy on June 18, 2010 at $19.83. The stock has risen 13.5% since the alert was issued.
SmarTrend has the shares in an Uptrend and expects the share price to pullback toward the $22.34 support level. Afterwards, we expect it to move upward with its peers in the SmarTrend Wireless Communications industry.