EFuture Tech Info Doubles And Retreats

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eFuture Information Technology Inc.EFUT
shares are trading higher by $7.35 at $15.50 in Friday's session. The catalyst for the rally is the announcement that Shijii (Hong Kong) has taken at 50.51$ percent stake n the company. After a sharply higher open, it continued to rally before finding resistance at $18.38 and reversing course. That high coincides with its May 2008 high at $18.43. Since making the high it drifted lower, reaching $15.08 so far, but has not been able to distance itself from that low.
Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.
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