Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.
Box Inc BOX shares were trading higher by $0.36 (1.8 percent) at $18.36 in Thursday's session. Two days removed from the expiration of its quiet period for analysts (in terms of an IPO, the 25-day period when analysts are not allowed to comment), Box is attempting to rally.
In a mixed bag of ratings, from Neutral to Market Perform to Outperform, with price targets ranging from $20.00 to $24.00, the Street consensus seems to be the shares are undervalued at its current level.
Since Box's IPO, which got off to a rocky start reaching $24.73 on its initial day of trading before swooning to $16.41 nine days later, has appeared to be finding support at the $18.00 level, at $17.96 in Wednesday's session and at $17.91 in Thursday's session.
At this time, resistance is well-defined in the issue, peaking at $18.50 in Wednesday's session and at $18.48 so far in Thursday's session. If that level is breached, there may not be much resistance until Tuesday's close ($19.05).
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