VeriSign Screams Higher, Could Have Legs

Shares of VeriSign

are screaming higher this afternoon; currently, shares are up by 4.87%, trading at $31.47. They touched an intra-day high of $31.67 before pulling back slightly. VeriSign is now testing the 50-day moving average from below, a resistance level that has been in place for the past four months. If shares can rally above and hold the 50-day, they would quickly test the most recent high of $31.72 on their way up to the 200-day moving average (~$33.00). Looking at VeriSign from a medium-term perspective, shares may have entered into a medium-term uptrend with a $34.00-35.00 price target. Note that VeriSign has 3.94% short interest. Front month call volume is also exploding with buyers reaching for premium as high as the $33.25 strike. VeriSign, Inc. is a provider of Internet infrastructure services. It provides domain name registry services and infrastructure assurance services. Its business consists of Naming Services segment, which consists of Registry Services and Network Intelligence and Availability Services.