Astrotech Spiking on NASA Contract

By Nov 23, 2010, 1:04 PM Author's Blog  

Shares of Astrotech Corp. (ASTC) jumped 63 percent to $1.61 and climbed to $1.78 earlier, after the Austin, Texas-based provider of commercial-aerospace services said it won a $35 million contract to provide services for a NASA project.

Technically speaking, ASTC has been moving largely lower over the past four months, declining more than 35% year-to-date. The ticker, which currently trades above its 50-day moving average of $1.16 and below its 200-day moving average of $1.94, is seeing a squeezing behavior as it continues holding its gains in the $1.60 area. There is some resistance in this vicinity, but the equity could be on its way higher, at least on an intraday – basis, if the bulls can sustain the current levels. Having said that, all of the action following today’s high volume breakout doesn’t look to be entirely consolidative in nature, suggesting that a pullback near – term may be in the cards. In addition, the stock’s momo seem to have been stalled a bit near the $1.60 level. Still, the equity continues to see a huge volume; more than 3.6 million shares have already traded hands compared to a daily average of around 67K.

The 52 week trading range for shares of Astrotech has been between $1.00 and $4.06 per share.

Astrotech Spiking on NASA Contract

ASTC gained $0.61, or 57.43 percent, to $1.62 at 12:06 p.m. EST in Nasdaq composite trading.

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