Shares of Priceline.com Inc. (PCLN) are up $6.95 to stand at $347.98 as of 11:58 am (ET) after earlier rallying as much as $8.00 to an intraday high of $348.80. The stock is trying to push above its highs here for the past hour and a half with buyers attempting another pps extension.
Optimism from Morgan Keegan’s upgrade [Wednesday] on the shares to “Outperform” from “Market Perform” continues to prompt PCLN, currently higher by more than 2.20% on a notable volume increase, (670K so far into the session vs 1.3 mln 3-m average) increasing the ticker’s 99% year-to-date gains.
PCLN is trading well above its mini-support at $340, which has held the stock relatively in check since the beginning of this month. It is possible that the stock will pullback and retest its new found-support. However, we could also see in the next few sessions the participation of higher timeframe traders who could extend the ticker’s move so it can retest its 52-wkh of $358.24.
PCLN is currently 9.2% above its 50-day MA of $319.40, and more than 42% above its 200 day MA of $245.36.
At last check, Priceline shares were up $8.14 to $349.18, a gain of 2.39%.