LinkedIn Explodes Above Recovery Highs Post Flash-Crash

em>Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.

LinkedIn LNKD shares are trading higher by $6 at $189.18 in Wednesday's session, With no relevant news out on the issue, let's examine the technicals for a explanation for today's rally. Since bottoming during the Flash Crash at $165.67, support has been moving up the issue. After putting a double bottom in at the $174 level at the beginning of the month, the issue is poised to close higher for the fifth time in the last six trading session. While the broad market and many related issues have not been able to improve on it recovery high from the Flash Crash, LinkedIn has far surpassed that level in today's session by a wide margin. In Tuesday's session, the issue cleared that area, reaching $185.90 before falling back to close at $183.18, Following a higher open and a slight retreat, it has blasted through that level reaching $189.69 before falling back to its current level. The current high is just shy of the pair of highs in the issue from August 19 ($190) and August 20 ($190.23).