Central European Distribution Bursts to New Daily High
August 29, 2011 3:11 PM
Shares of Central European Distribution (NASDAQ: CEDC) are moving higher today; currently, shares are up by 43.33%, trading at $7.84. The stock has been moving lower for the past three months and was trading below the 20-day and 50-day moving averages.
Central European Distribution is off to the race now, jumping to a new daily high, at $7.89; shares closed at $5.47 on Friday and opened at $5.68 this morning. Resistance comes into play around $8.00-8.39, which means that shares could have further to run (they are not even technically overbought yet).
Note that Central European Distribution has 12.87% short interest.
Central European Distribution Corporation operates primarily in the alcohol beverage industry. CEDC is a producer of vodka and is Central and Eastern Europe's integrated spirit beverages business.
